Ellen DeGeneres just announced she's started a new record label -- and the first singer she brought on board? That 6th grader who sang Lady Gaga's "Paparazzi" at a local talent show.

Ellen says 12-year-old Greyson Chance inspired her to start her own label -- called eleveneleven -- and signed the young singer after he performed his original song "Broken Hearts" on her show today ... airing this afternoon.

But that's not it. She also gave Greyson -- who appeared on her show for the first time two weeks ago -- a brand new piano and a $10,000 check! (Check out Greyson's "Paparazzi" performance.)

Greyson says, "It's crazy ... It just makes me happy. It really just hasn't sunk in yet. It has been two weeks and it still hasn't sunk in yet. It's awesome."

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