Final answer:
The assertion is false; major record labels produce a variety of music genres beyond pop to cater to widespread tastes and maximize profitability.
Step-by-step explanation:
The statement that the five biggest record labels only produced pop music is false. Historically, major record labels such as Universal Music Group, Sony Music Entertainment, Warner Music Group, EMI Group, and BMG have been known to produce and distribute a wide range of music genres including rock, country, classical, jazz, hip-hop, and many others beyond just pop. These companies deal with a diverse roster of artists with different styles in order to reach a broader audience and to maximize their profitability in the music industry. By investing in multiple genres, they are able to cater to various consumer tastes and trends over time.