Hmm. While music labels do still have reach, in fact, there's very little profit anymore in the creation of recorded music. Today, records primarily serve to bu

Hmm. While music labels do still have reach, in fact, there's very little profit anymore in the creation of recorded music. Today, records primarily serve to build hype for concert tours, which, contrary to your suggestion, are not put on by music labels, but by organizations like Live Nation. (Labels own the rights to the specific recordings produced under contract with the artist, not to the songs themselves.) Since most of the profit in the music industry now comes from touring, the labels are trying to get a piece of the action with so-called "360" deals, which promise them royalties from tours, merchandise, and more. But for the most part, touring and recording are not integrated businesses.