A recent survey suggested that 75% of artists are still chasing that ever-elusive major deal. This shows the credulity of bands, rather than the shimmering prospects that a major can offer.
At this stage of my career I have signed to two major labels and a bevy of independents, and I can tell you this from experience - you are a long way from “making it” at the time of inking a deal. Even when the advances used to be respectable, it would only set you up for a few months at best. After that you better be earning money independently of the record label, because it’s a long wait until that next advance is available.