Katy Perry to Launch Her Own Record Label (Exclusive)

Katy Perry is looking to follow in the footsteps of such recording artists as Madonna and Prince by launching her own record label.

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In The Hollywood Reporter's cover story, the pop princess reveals that she's in the process of starting her own as-yet-unnamed imprint.

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"I'm preparing for it now," she reveals. "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 -- who has been with EMI's Capitol Records since 2007 -- has had 11 top 10 singles on the Billboard Hot 100 and has sold 9.1 million albums so far.

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She also has appeared in episodes of How I Met Your Mother and Raising Hope and voiced Smurfette in the feature film The Smurfs. She next hits theaters July 5 with the 3D movie Katy Perry: Part of Me.