It's nutty.
Having never had a proper recording contract, and being stubborn to the point of pigheadedness, I have had my own (vanity) record label for... dear heavens... over 25 years now. And I've done everything from pushing records to college radio (through Peter Hay's Twin Vision) to harassing DJ's with 12" singles.
The facts are that 1. everyone I've known who had a proper record contract was miserable and 2. my real goal is to get music "out there" in some way so I can say "Yeah, I did that" and not be constantly worrying over it, 3 the whole "digital distribution" thing has really altered our relationship to physical (and expensive) media. This is why it's so nice to have a service like CDBaby which will handle all your licensing and things for less than a hundred bucks. They deal with a fantastical amount of logistical nonsense (like getting music on iTunes) which would be majorly aggravating to do on one's own.
Pleasure for the Empire | The Oceans of Ganymede | CD Baby Music Store
Between CDBaby and, say, Amazon's Createspace, the life of the vanity label A&R guy (er, me) is vastly better. And cheaper too.
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Anyway. I just finished convincing CDBaby that the cover of The Oceans of Ganymede isn't porn. I now have to convince Amazon the same thing. We'll see if they listen.
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