Sony bought indie distributor AWAL - how good or bad for artists is it?

Sony Music acquired Kobalt’s indie distributor AWAL and its rights business for $430 million, continuing a trend of major labels acquiring the companies built to disrupt them (AWAL, ironically, stands for Artists Without A Label). Music analyst Bob Lefsetz says "this is a bad sign for artists. The more power major labels get, the worse it is for them... But now the people who left major label distribution to go to AWAL…are back where they started, and there’s no viable alternative. Never ever forget that distribution is king". Billboard naturally approves the acquisition.