Not all record labels are whelping like lambs

For example, there's sanctuary records - record sales up 26 per cent last year in a supposedly declining market.

Now, since Sanctuary are facing exactly the same challenges as Every Other Label, how can they be thriving while the majors fail? Perhaps its something to do with a focus on releasing records by acts that people want to buy, and keep on wanting to buy; maybe its down to their "three sixty" approach - they see themselves more as a music entertainment company rather than a record label.

And maybe by avoiding pumping millions into a spurious battle against kids with CD burners, they've kept focus on what they're meant to be doing - flogging music.