The man who discovered Oasis has decided to turn his back on traditional record labels.
Creation Records founder Alan McGee is winding down his Poptones imprint, so he can concentrate on acting as an adviser for bands instead.
He believes the future for young acts is in bypassing record companies completely to release their own music.
McGee, who also discovered the Jesus and Mary Chain and more recently managed The Libertines and currently manages Dirty Pretty Things and The Charlatans, claims it's no longer realistic for record labels to profit from new bands.McGee said: "The accountants will make them (the record companies) see sense.
"They'll probably stop signing new groups - new groups will have to develop themselves."
He added: "The best advice I could give to any young band is to do it yourself. 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."