This is false. Take Brand New, Circa Survive, Taking Back Sunday, Bring Me The Horizon, A Day to Remember, Motion City Soundtrack, Say Anything, all of these artists have huge followings. While they may have a song or two that appeared on the radio at one point or another they haven't in 2012 and these bands are still extremely successful financially.
False. You're forgetting satellite radio (Sirius XM). All of these bands have singles on various stations. Terrestrial radio is damn near extinct. Most people listen to satellite/internet radio nowadays. Sirius XM does have an impact on Billboard charts.