I don't know if it'll be months, but it's not long. I don't know that they'll necessarily die completely, but they'll be forced to completely change what they do, and how they do it.
These days, your best bet is to sign a distribution deal, get your own booking agent (for out of town/tours mainly, handle local yourself), manager (or at least assign someone in the band to handle all incoming/outgoing communication), and someone to handle your promotions (i.e. solicit reviews, interviews, advertising, etc.), and maintain as much control, and do as much as you can yourself (more money for you if there's fewer hands in between).
Of course, he's only referring to the few remaining major labels (i.e. not any label that any of your favourite bands are signed to, for the most part. Roadrunner, Metal Blade, etc. are big indie labels, really).
Further evidence of the situation:
Originally Posted by ExploreMusic.com