Music
Alan McGee has abandoned his Poptones record label saying bands should now release music for themselves.
The A&R man, who discovered Oasis and managed the Libertines, said traditional record companies could no longer make enough money out of developing bands so would give up.
He plans to wind down his own, he said, and work on advising new acts on how to go it alone.
He said of existing labels: "The accountants will make them see sense. They'll probably stop signing new groups - new groups will have to develop themselves.
"The best advice I could give to any young band is to do it yourself," continued McGee. "Of course the major record companies will come in and sign two or three new bands a year and probably always will.
"But who'll own the major record companies? Probably a hedge fund."
The A&R man, who discovered Oasis and managed the Libertines, said traditional record companies could no longer make enough money out of developing bands so would give up.
He plans to wind down his own, he said, and work on advising new acts on how to go it alone.
He said of existing labels: "The accountants will make them see sense. They'll probably stop signing new groups - new groups will have to develop themselves.
"The best advice I could give to any young band is to do it yourself," continued McGee. "Of course the major record companies will come in and sign two or three new bands a year and probably always will.
"But who'll own the major record companies? Probably a hedge fund."
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