From your knowledge, what is the primary purpose of a record label?

"I believe the purpose of a record label is to coordinate the production and manufacturing of a musical artist or band's work. A label will then lead efforts in marketing, promotion, and distribution. Copyright enforcement on behalf of the artists, their songs, and their videos is also a large part of a record label's job. Lastly, record labels and their scouts actively work on talent scouting and the development of new artists."