This report presents MIDiA’s vision for the long-term future of record labels and music companies providing similar services. This follows our Future of streaming report. Because of streaming’s dominant role in most record labels’ revenue mix, some of those dynamics are developed further here from the labels’ perspective. We go far beyond this, exploring how the very essence of what constitutes a record label is changing, from artist development through to income streams. For this report we interviewed the CEOs and heads of leading Western record labels – both majors and independents. These interviews were confidential and conducted on background, though some approved quotes feature in this report. While these interviews enabled us to contextualise the report within the thinking of the industry’s leaders and, crucially, within the art of the possible, the analysis and recommendations are our own.