Rather than relying or hoping to be signed by a big record company, bands and musicians should focus on their music and distributing it themselves. There are so many resources for artist to go through to get their music heard that the need for a record label seems to be diminishing. Artists can get their music on CDBaby.com and get digital distribution on iTunes, amazon.com and more. This cuts the cost of having to have CD’s printed or at leas the amount of CD’s that would need to be printed. Without record labels, bands can keep all the profit they make off of their work. No one would be taking a percentage of music sales.
Also, without major record labels, a larger variety of good and real music could flourish. These corporate made acts would no longer be needed, because, real musicians would be filling in the void. Perhaps that is wishful thinking, but, it would be nice.
So, if you are in a band or are a musician, try and handle as much of your creation as possible and not turn over your life and work to some corporate giant that will reap the benefits of your hard work.