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Kane, you are partially right, but mostly missing the keys to the castle:
The record companies have direct access to the radio stations, the video channels, the media, and the distribution. While payola is illegal, it doesn't mean that it doesn't happen. They can also trade off access to a successful artist (which would mean good ad sales for a TV show, example) in return for space for their new breaking artist to get some big exposure. Self promoting bands or bands promoted by small time promotion companies will find themselves without the carrot they need to get things done.
As for the idea of "record promotion" type companies, basically those are called record labels, just under different terms. Madonna is all proud that she didn't resign with a record label, but basically signed a deal that trades off much of her future revenue (concert tickets and merchandise) for a bigger part of the CD / music income. They may not call themselves a record label, but pretty much they are in the same business and do the same things, with slightly different financial benefits and liablities.
Changing the name doesn't change the job.
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