Let's hear for sensible deals. (MW Comment).

Armchair A&R is fun -- so it's no wonder that it remains one of the favourite hobbies of people across the business. You get to pick all the hits and pontificate about how you would develop new acts into long-term career artists. And all without taking responsibility for a single career, let alone spending a single penny. Given the figures produced by the annual signings survey that we publish in this issue it is easier than ever to criticise individual A&R decisions, let alone condemn collective herd instincts. But of course the real thing is much tougher. If it wasn't, we'd all be rich. Let's face it, A&Rs are doing a difficult job against a backdrop of tough competition, constant corporate pressure and a media landscape that is more narrow and trend-driven than ever. Moreover, many also argue that there simply hasn't been much exciting music to have broken through in recent years (though as many disagree violently).

But that doesn't excuse the fact that the UK business has been severely, if -- ...