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An iTunes based record company would cut out the middle man record companies and immediately have a huge audience and brand recognition.
I'm not sure Apple will ever start a record label, for several reasons.
1) It may conflict with their trademark since the Beatles-owned label Apple records still exists. They've already clashed in court with Apple, although some agreement was recently met - not sure if that gives way to Apple using the name more freely in a music-associated business or not.
2) It would antagonize the four majors to such a degree that the iTunes Store could become a graveyard aside from Apple's own content acquisitions.
3) Do artists really need a new label, even one as "cool" as Apple? A trend maybe to go-it-alone ala Radiohead. In which case, iTunes just needs to become more favorable to "indie" artists (with better terms).