The most common and most likely answer to this crossword clue is the 5 letter word INDIE
I've seen this crossword clue in The Times
I
N
D
I
E
More clues leading to the result INDIE
- Long to follow hip pop group?
- Country briefly served by European record company
- Peter pursuing trendy freelance company
- Using base for a country music label
- Trendy end to this music
- Trendy: check out music genre
- Fashionable cube unrelated to global organisation
- Type of music rockin’ without rock and roller
- Popular cross over musical style …
- Cool stop for non-mainstream band
Buddy explains!

The straight part
We know that "record company" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case record company = indie.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does INDIE mean?
INDIE noun- An independent publisher.
- A work released by an independent publisher.
- A type of rock music, generally soft-style without screaming or aggression, mixed with synthesized music and electronic.
- A person who listens to indie music and follows indie fashion.
- Independent; from outside the mainstream.