Alan McGee, the man who first discovered Oasis, has decided he is to turn his back on traditional record labels, including his own label Poptones.
Instead, the Creation Records founder says he will wind down his label Poptones in order to concentrate on acting as an adviser for bands instead.
McGee, who also discovered The Jesus And Mary Chain, currently manages Dirty Pretty Things and The Charlatans.
He has claimed that it is no longer realistically feasible for record labels to profit from new bands.
Speaking to BBC6 Music 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."
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