The major music labels behave like royalty. They stand aloof. They rarely come out and defend themselves convincingly against attacks even when they might make a reasonable case. So in the interests of fairness, and given I often rubbish the record biz for its useless career value, here is a point it could make more often in its own defence.

It might argue that a major recording contract was a much sought-after proposition. Still is. Think about it: you’re a talented teenager with nothing and someone is offering to spend a seven-figure sum developing your music. There’s a 5% chance you will make money and be internationally renowned. That person will lend you the funds for you to keep your side of the bargain, i.e. produce a master recording. If things don’t work out you don’t have to repay the loan. If they do work out you will repay it from your slice of the proceeds. Santa Claus or what?

In a phrase deal-makers savoured as it fell from their lips: the loan (advance) will be non-returnable but fully recoupable. Who is going to say no to that? Even today with young artists being much more savvy and realising there’s a lot of devil in the detail it is still going to be hard to refuse that kind of patronage.