(Video) Ellen Degeneres Creates Record Label and Signs Greyson Michael Chance

It only took a few days after Greyson Michael Chance hit YouTube with his live piano-accompanied rendition of Lady Gaga's "Paparazzi" for talk show host Ellen Degeneres, an avid YouTube browser, to notice the young prodigy and get him to come on her show. Just a few days after that, inspired by rumors that he had signed to Interscope Records (and apparently finding out he had not), then doubly inspired by the fact that his millions of views had turned into over 30 million views in a couple of weeks, Ellen Degeneres started her own record label and signed the 12-year-old as her first artist. In honor of the event, she had Greyson back on the show to give everyone a taste of what his own music -- yes, he writes his own music -- will sound like.

Greyson Michael Chance sang "Broken Hearts," a song he put on YouTube on his own channel. He told Ellen Degeneres the first time he was on the show (May 13) that the song had been inspired by two girls who had broken up with him. Ellen quipped, "Bet they're sorry."

Also on Greyson's first appearance, Ellen got the 12-year-old to talk about his inspiration for doing "Paparazzi." He spoke of how he enjoyed Lady Gaga for her individualism. He liked how her songs were "catchy" and made "you want to dance, maybe throw out some Ellen moves..." (And that more than anything got him that album contract. Everyone knows that the way to Ellen Degeneres is through dance...)

Then Ellen got Lady Gaga to call and talk to young Greyson. She told him, "Greyson, you're so sweet and so talented, and I was so excited that you covered 'Paparazzi,'" Then she left him with some advice: "Everyone loves you so much. Just keep following your dreams and work really hard, and stay away from girls and be focused."

In a clip taken from her Wednesday, May 26, show, Ellen Degeneres handed Greyson Chance a check for $10,000 and announced that he was the winner of the "Wonderful Web of Wonderment" contest (where Ellen and her staff scour the internet looking for talent). She also got him a new piano from Yamaha. In addition, she announced to her wildly cheering audience that she was so "inspired" by Greyson Chance that she created the record label 'eleveneleven.' "He is my first artist, and we are making a record together." she said.

And to get him started, young Greyson Chance will be co-managed by two very well-connected men: Troy Carter (Lady Gaga) and Guy Oseary (Madonna).

"It's crazy thinking about 30 million people," Greyson says about his YouTube success. "It just makes me happy. It really just hasn't sunken in yet. It has been two weeks, and it still hasn't sunken in yet. It's awesome."

If you don't think putting your video up on YouTube won't get you noticed, you should consider Greyson Chance's story. Remember: Before April 28, the day Greyson Chance put "Broken Hearts" and "Paparazzi" on YouTube, he was just like any other talented kid that could play piano and sing. A month later and he's been on Ellen's show twice and signed a record deal.

Ellen said that she will use her new record label to sign other artists that she discovers through her show...

Got talent? Got a webcam or camrecorder?

Greyson Chance's homemade video of "Broken Hearts" has garnered nearly 4.5 million views to date. Here he sings it for "The Ellen Degeneres Show"...