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The move is good for big business, and bad for fans, artists and the industry as a whole, critics say.
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He said some criticism of major labels was valid, but since market consolidation has been going on for much of the last decade, the independent sector has had adequate opportunity to adapt and increase its share of the industry, but failed to do so.
“Undoubtedly the record industry and the major labels still require monumental change and still require a huge overhaul in the way they do business, yet we're still seeing that artists are choosing to sign with the major labels to the same degree they used to.
“Ultimately it's an artist’s choice who they sign with. An artist will typically sign to a major label because a major will give them bigger budget, more scale, more contacts, a bigger chance of success and to crack the big league.
“And I don’t think from an artist's perspective it's going to get dramatically different.”