Yes, that makes sense and I think you're right!

Regarding the stats, at best they are cumulative over many years and probably only a small percentage of arists are still there and active. Possibly a large percentage is using the Free account which allows uploading of up to 4 songs (max.), which is very little compared to most other sites these days including SoundClick and PureVolume, etc.

I noticed that since about the end of 2006 PureVolume and ArtistDirect have an almost equal Alexa ranking.
PureVolme - 2,982
ArtistDirect - 3,880
To put that in perspective, that's slightly ahead of CD Baby which is currently - 8,836

My assesment is that ArtistDirect is getting some huge traffic but mostly from major label artist FANS that are visiting the site to get info about their favorite (major label) artists. This site is after a completely different target market (focus) compared to sites that are geared 100% for indie artists and bands which have nearly Zero presence of any major label artits.

Thanks, just my 2 cents.

There's nothing remarkable about it. All one has to do is hit the right keys at the right time and the instrument plays itself. -- Johann Sebastian Bach