There is not enough money anymore for bands to get signed and then develop over 3 albums. The closest thing to it is Indie labels like fueled by ramen. They get bought out by Warner and develop their bands until they write a major release and then the full power of Atlantic records is thrown behind the band for promo. Good example of this is Paramore.
Also bands are much better now in terms of what is expected. Drummers have to be able to lock to a click live. Songs have to be developed a lot faster and the players have to be ultra tight. And this is expected at a very young age. Definitely a different time.