Greyson Chance Takes Another Step to Become the Next Justin Bieber

The 12-year-old from Edmond, OK dubbed Justin Bieber 2.0 is officially breaking into the music industry.

A YouTube video of Greyson Chance singing "Paparazzi" byLady Gaga and playing the piano during his sixth grade music festival earned him 20 million fans, a performance on The Ellen DeGeneres Show earlier this month, and even some support from Lady G herself.

Hollywood moves at lightning speed, and Greyson announced that he's signing with Ellen's new record label.

"Greyson ... inspired me to start a record label called eleveneleven. He is my first artist and we are making a record together," the daytime queen says. On Wednesday's show, Greyson performed "Broken Hearts," an original song.