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."
More: Music
More Music News
Singles Reviews
Aiden Grimshaw: 'Is This Love' reviewThe singer achieves the seemingly impossible with his debut single.
Music Interviews
Scissor Sisters on new LP, One DirectionWe chat to Babydaddy and Del Marquis about the band's fourth record.
The Sound
Playlist: Queen's Diamond Jubilee specialWe select our favourite Queen-related songs ahead of the Diamond Jubilee.
Album Reviews
Paloma Faith: 'Fall To Grace' reviewThe singer's second album is worthy of its own Adele moment.
