He tells The Rock Pit: "Basically what happened with the Internet was that the money machine was eliminated. When the money machine was eliminated, all these people who had nothing to do with the music, and who used to make millions of dollars, started to do something else. Then everyone went, 'It's fine, bands are still signed.'

"But it's not. The reasons bands were signed and new acts could get a shot was because people thought they could make money from these bands. So the fans got to hear new music while the machine was going around investing a million and getting 10 million back. Now when there's no return, no new bands are being signed or exposed and no record labels are acting like they did before.