We congratulate the committee on the most significant inquiry into the British music industry since their predecessor committee investigated CD pricing nearly 30 years ago.

The MPs’ searing analysis reflects our own view that the music industry desperately needs to modernize and recognize that the purpose of the music business is to serve artists and songwriters rather than simply to extract value from them.

The anger felt by artists and songwriters is not just a UK phenomenon. It is being felt worldwide. And it is time for the industry to respond.

The world has changed and, as in so many areas, exploitative behaviour is no longer acceptable.

The committee has called for regulatory action. We hope that will not be necessary, but executives and shareholders alike need to accept that they cannot continue as before.

It is a privilege to work in music. That privilege should not be abused.

BMG is fortunate in having been able to start from scratch in 2008. We were able to design out many historic practices from the outset. We have tackled several more since then. We are certainly not perfect but we are committed to make things better.

We stand ready to work with like minds to ensure the music industry works for the people who actually make the music.

LOVE MUSIC: CHERISH MUSICIANS.