[5] Black Swan, which sought to specialize in classical recordings, served as an investment opportunity for the Talented Tenth.

As recognized by Thomas Brothers, "luminaries like Jack Nail and James Weldon Johnson served on the Black Swan board of directors", and The Crisis, the journal then edited by W.E.B.

Both the record label and production company were named after 19th century opera star Elizabeth Greenfield, who was known as the Black Swan.

The production company declared bankruptcy in December 1923, and in March 1924 Paramount Records bought the Black Swan label.

The Chicago Defender reported the event by detailing important accomplishments of Black Swan in a short career span, including: pointed out—to the major, all white-owned, record companies—the significant market demand for black artists; prompted several major companies to begin publishing music by these performers.