I'm not sure if you're making a joke here or not, but that sounds like the traditional model of signing a band, more or less. Thing is, most bands that can make money are probably already making money or on their way to making money, without having to sign away rights to their output, or percentage points to a label.
"Studio time" isn't quite what it used to be - anyone with a computer (doesn't even have to be a decent one), a fairly inexpensive multichannel sound card ($150-$500), and (unfortunately, typically pirated) audio software can put together a mix with high enough fidelity that most people would be happy with. Bands already invest in their own equipment, so use the mics they have, the equipment they own, and you've got a 'studio' for maybe $1000 more than what the band already owns on account of being a band.
Distribution is easy, post your music to Bandcamp and iTunes. Then you need promotion. This is the one remaining area where traditional labels still have a decent amount of control, but that doesn't mean you can't hire your own publicist. Just like the labels do.
The method you propose is more conducive to launching the 'career' of a pop star who burns out after one single. You don't need to hire instruments, but you will need studio time with session musicians, and will have to hire songwriters and a costume department, and all kinds of things to put enough flash on ultimately uninteresting music in the hopes that you trick enough people into buying the album so you can at best break even, which only happens because you're scamming the original 'artist' from the start.