5 Seconds of Summer are moguls in the making! The band officially signed Hey Violet, the first act to join their label, Hi or Hey Records.

5SOS announced the exciting news on Twitter, writing, "And we've finally found that band!! So introducing you all to our first ever @HiOrHeyRecords signing... @HEYVIOLET !" The also included a video, which we've obviously been watching obsessively.

Hey Violet are just as excited as we are, which is evident on their Twitter.

In the clip, which you can watch above, Michael Clifford explains the origin of the label.

"We started Hi or Hey Records because we thought it would be cool as hell to have a label that was run by you guys," he said. "It's like Catdog. We're conjoined." (Best metaphor ever? YES.)

"We really wanted to sign a band to the record label," Calum Hood added. " ... We signed a band called Hey Violet."

Ashton Irwin also spilled the details on the sort of acts that Hi or Hey Records wants in the family.

"We're looking for some punk rockers who have big dreams," he said, while Luke Hemmings added, "We went and saw them rehearse and stuff and they were playing songs for us and straightaway we all knew."

We already know we love 5SOS, so we're confident that Hey Violet are equally awesome. But just in case you want to give them a listen (and we recommend you do), you can watch their "This Is Why" music video below.

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