The influence of magnetic tape on recording

The recording process changed dramatically with the development of magnetic tape. Before this development, records had to be completed with a single take. There was no editing or overdubbing involved in the process. Since the editing of music was now possible at this time, I wonder if this allowed some popular artists to emerge that may not have been able to successfully record previously. Since editing was now possible, did this decrease the value of talent required to get a perfect recording in one take? I wonder if this development also helped to cut down on the number of musicians involved in the typical recording session. Since before this time you needed all the musicians to be playing at the same time, and now it is possible to add in other instruments after the initial take. Did this development cause an increase in multi-instrumentalists recording multiple instruments on the same record? If so, can you cite some examples from this time period?