I’ve been told (by someone who knows) that getting ‘picked up’ happens almost always by way of referral within the industry… which apart from being spotted at live gigs, often includes Youtube referrals these days as well.
Interestingly a local Government run music funding agency has recently changed its rules, qualifying criteria now includes the level of attention the applicant (artist/band) is getting on Youtube. So as well as other critera like audience size at gigs etc they now have a minimum threshold of Youtube views that must be achieved before the funding application will be accepted.
So, certainly here you need to already be making yourself known, creating a ‘buzz’ to a good extent both through gigging and online activity (youtube) before this funding agency will even look at you as a viable contender. And I suspect it’s that x100 if you’re to have any hope at all of a record company of any note taking any kind of interest in you.
I may have been up for it when I was 18 but now… ?? 