Cultural Capital 5 February 2010 Goodbye to EMI? A new low for the record label. Sign UpGet the New Statesman's Morning Call email. Sign-up The news today that the EMI record label lost £1.75bn in the last tax year is mildly depressing -- though not surprising. It will inevitably be blamed by the company on the rise of illegal file-sharing, rather than the fact that it was bought in 2007 by a "karakoke-loving" financier interested in flogging off parts of the company's back catalogue. The music industry may indeed be changing, but just imagine what an enlightened owner could have done with a company that large and with that much history behind it. Investment in new artists; alliances with smaller labels to help find new ways of making music pay; or simply using the label's vast archives in a genuinely creative way. › What role did Israel play in the run-up to the Iraq war? Daniel Trilling is the Editor of New Humanist magazine. He was formerly an Assistant Editor at the New Statesman. Subscribe For the latest TV, art, films and book reviews subscribe for just £1 per month!