The end of the record labels?

John Gruber mentions a post by Tristan Louis about where Apple is going with LP. The article focuses on video, but I think that the biggest change Apple can do, and I believe that is only a matter of time, will be to allow musicians to upload their music to iTunes directly, with LP extras or not.

Following on the success and methodology of the AppStore, any aspiring musician will be able to market him or herself for nothing, with a 70/30 split between the musician and apple when anything sells. A five minute job for the musician, plus their music. Add to that the chance to use LP to add all kinds of extras and Genius/Genius Mix being taken into account when you visit the store, and you’ll be able to discover music that you like from groups that haven’t signed up with anyone. Voila! The end of RIAA and music label’s significance. Good job, Apple!