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OTRC: Katy Perry preparing to launch her own record label

Katy Perry appears in a still from the video for 'Wide Awake,' released on June 19, 2012. (Capitol Records, LLC)

Katy Perry is preparing to launch her own as-yet-unnamed record label and said that she plans to give artists a "fighting chance" for financial success.

"I'm preparing for it now," Perry told the Hollywood Reporter in their June cover story. "And when this record label does come to fruition, I'm going to try and avoid the things that take away any fighting chance for an artist to have financial success. As people are coming to me with opportunities, I'm thinking, 'How would I want to be treated?'"

Perry has voiced her frustration in the past with major record labels. She was first signed to Universal's Island Records at age 16 and was dropped after being pitted against other pop star hopefuls.

In 2004, she was brought on to Sony's Columbia Records, but ended up only being utilized for her songwriting ability before being dropped. Finally, Perry was signed to EMI's Capitol Records and got her first album, "One of the Boys" released in 2007.

Before her hugely successful career took flight, she depended on the kindness and faith of her manager Bradford Cobb, who sometimes cut her a check when she couldn't afford rent. Perry recalled being offered mediocre deals when she was a songwriter and hopes to pass on her business smarts to those on her label.

Perry's "Teenage Dream" album had six songs top the charts in the past two years. Her recent "California Dreams" tour grossed $59.5 million with 124 shows.

Perry split from husband Russell Brand late last year. The British comedian cited "irreconcilable differences" in the documents, which were filed in a Los Angeles Superior Court on December 30, 2011. The couple had no children together.

Katy Perry's upcoming 3D documentary, "Katy Perry: Part of Me," is slated to hit theaters on July 5 and will give fans an inside view of the pop star's international tour and personal life, including her relationship with Brand.

The pop singer released the music video for her newest single, "Wide Awake" on June 19. In the song, which is purportedly about Brand, Perry sings, "I'm wide awake. I was in the dark, I was falling hard with an open heart. How did I read the stars so wrong. I was dreaming for so long. I wish I knew then what I know now. I wouldn't dive in, I wouldn't bow down."

Check out the video for "Wide Awake" below.

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