After being homeless and sleeping in the back seat of his automobile, Kurt Cobain finally got what he was seeking: a contract with a major label, DGC (owned by Geffen records). Nirvana had been touring, had created a buzz, and finally had A&R people swarming all over them. Nirvana had loads of fans, and plenty of attention.....it was all a matter of time. The offer was made around November 27, 1990. $287,000 was to be advanced to Nirvana for the making of NEVERMIND. That's it, right? That's the big time, right? Fact: Though the offer was made on November 27, 1990, the actual contract wasn't signed until April 1991.......you know, red tape.... Fact: After deducting debts, expenses, lawyers' fees, managers' fees, etc. etc., DGC gave Cobain........$1,000. He was put on a $1,000/month retainer. Fact: After recording what was the greatest musical work Nirvana had ever created, Cobain went back to Olympia and continued to sleep in the back seat of his car. He complained he could afford only corny dogs, so the back seat was littered with corny dog sticks. Fact: During this time of extreme poverty for Cobain, even though NEVERMIND was bringing in the money, he turned to heroin....and you know where THAT led. Fact: While Nirvana was making the "Smells Like Teen Spirit" video, Cobain was....of course, still broke. After making the video, he went back to sleep in the back seat of his Valiant. Isn't the music industry wonderful?
DGC arn't a major label. Theres only 3 majors. Sony-BMG, EMI and Time-Warner. Everything else is either independant or a subsiduary of one of the majors
Which is why I don't care for major labels and would rather rely on self-promotion and a good work ethic...
But you are wrong. There have been many bands that had thier own record label and made it big time. Several that are out there today. Do a search. You'll find them.