The indie imprint is called Unison Music and is already searching London's underground music venues for new talent.
"Johnny has always been passionate about music," revealed a source behind the label. "He's taking a really hands-on approach to signing acts.
"Obviously he can't get to as many gigs as he would like but he's got a good team around him and will personally vet any signings that they make", reports The Sun.
Depp has long had a hand in the world of music playing slide guitar on the Oasis track 'Fade In-Out', performing with Pogues legend Shane MacGowan and playing in the band P with Flea from Red Hot Chili Peppers.
Fade away, Oasis, Johnny Depp on guitar, Kate Moss