In the day and age of streaming sercices like Spotify, record labels/companies like Sony Music etc should not exist IMO.

Back when people purchased their music from brick and mortar stores on vinyls, cassettes, and CDs, they had a place to facilitate a relationship with distributors etc to get your music on the shelves, handle marketing and a bunch of other stuff. Nowadays, this all can be done digitally, independently.

Edit: clarify record label