It has been the worst of times for the music industry. New technology has rendered existing business models, which enriched executives and gave top-selling artists lavish lifestyles, all but obsolete.

Apple’s iPod popularised Mp3 players, digital music lowered costs for consumers and subsequent sales of CDs collapsed. Album sales in the UK, the world’s third largest market, which accounts for nearly 10% of the global market, have fallen for six consecutive years.

Last year total music sales rose for the first time since 2003, boosted by download sales, according to industry body the BPI. But sales are unlikely ever to fully recover. Total global revenues for all music – including digital downloads – fell by 25% from $38.6bn (£25bn) in 1999 to $27.5bn in 2008, according to the International Federation of the Phonographic Industry.