Are festivals and residencies starting to replace touring?

Just thinking out loud here. I know touring has been the biggest source of money for a lot of artists since the rise of streaming and the decline in people actually purchasing music. But lately, every time you turn around there's a new festival being announced. They're springing up all over the place. Lots of artists....and high prices. And if it's a multi-stage festival you may not be able to see half or more of the artists on the bill.

And then you get larger artists doing things like Las Vegas residencies. This, in a way, shifts some of the costs of traveling/lodging etc. onto the fans, instead of the artist doing the traveling to different cities. Not begrudging the ones who can do this, because it does seem to be a formula that works.

Just wondering with festivals and residencies increasing in popularity, and some smaller venues declining and closing.....are we seeing a paradigm shift in live music performance?