NOT A TEACHER
I think so, see #3 (record company) http://www.ldoceonline.com/dictionary/label_1.
Student or Learner
Does this "label" mean "music companies"?
ex)...Then, in the 19080s, came MTV, which became the second way to create a hit. It had even more limited capacity for new music, but its influence over a generation was unparalleled. For the music labels, those were good times...
Yes, a record label is, in effect, a record company. The name of the company appeared on the round label which used to be stuck in the middle of vinyl records (for those of us that remember such antiquated things!)
In this example, the band (The Tear Drops) were signed to the Josie record label, whose logo appears at the top.
Remember - if you don't use correct capitalisation, punctuation and spacing, anything you write will be incorrect.
I agree with the responses above, and at least in AmE, the use of "label" to refer to the company is very common.