It kinda does in a way. A Harvard study from 2004 showed that most artists actually get a profit from piracy (when they broke it down pretty much all but the 25% most popular artists sold more records and had more concert attendance).

Basically most legitimate music streaming services have ways of screwing over artists. Most services use a pro rata model that will screw over most artists.

As it stands for right now one of the biggest things hurting artists are the streaming services.

Things that help are services switching over to a fan centric model (SoundCloud is the only service I know of that has done this and I haven't actually seen too much info on how it's actually affected artists) and organizations like MAC and ARA that can affect policies and regulations in the music industry.