I believe that the near future - the situation will not change for sure, because record companies are used to holding power in their hands.
Let's not rule out the possibility that record labels themselves are behind such projects or are among the major shareholders. It is even profitable for them!
Behind most crypto projects are wealthy billionaires or large corporations. therefore, I think that owners of media holdings or major producers can launch a similar crypto project or be its main investors.
I dont think that there are some large corporations or holding companies behind most crypto projects, as they still dont see this as a potential for them, but in the near future this may change.