No, it's not really possible, since the labels have a government supported monopoly (with pretty serious enforcement, and lots of laws in place to prevent most clever workarounds) on pretty much all the music that anyone wants to listen to.
Even people who like to listen to indie music usually have some more mainstream music owned by the big labels that they want to listen to. The problem is that most people won't stick with a service that doesn't offer the range of music they want to listen to.
And of course, the other issue with an all-indie catalog is that then you have a lot more players to negotiate with, many of whom will be just as clueless as the big labels.
So, you might be able to start a business with a small fraction of the indie labels represented, and appeal to a fairly small demographic, but there just isn't much room for growth there. I remember trying to use Emusic back in the day; while there was some music on there that I was interested in, it didn't even begin to cover most of what I was looking for.
While yes you'd be safe, you'd also much reduced interest. Your service would likely revolve around people using your site and getting told to go elsewhere to find it to listen to.
Even people who like to listen to indie music usually have some more mainstream music owned by the big labels that they want to listen to. The problem is that most people won't stick with a service that doesn't offer the range of music they want to listen to.
And of course, the other issue with an all-indie catalog is that then you have a lot more players to negotiate with, many of whom will be just as clueless as the big labels.
So, you might be able to start a business with a small fraction of the indie labels represented, and appeal to a fairly small demographic, but there just isn't much room for growth there. I remember trying to use Emusic back in the day; while there was some music on there that I was interested in, it didn't even begin to cover most of what I was looking for.