[caractacus]

> there is nothing (except the "admission cost") that I can see will prevent a distributor such as Spotify to become a label.

1. The record companies won't be happy with Spotify encroaching on their turf and will take their music away (see: Netflix).

2. There's far more to record label activities than releasing music. Production, promotion, marketing, distribution. How do you make a name for yourself in the modern music landscape when anyone can upload their music onto Spotify? Name a popular artist that doesn't have a large record company behind them, besides Chance.