The Stones may be ready to sever their ties with EMI, but knowing the commercial value of the 1970s albums, Sir Mick hasn’t absolutely closed the door. He is maybe attempting to create a bidding battle for the rights to Sticky Fingers and Exile on Main St, but few believe EMI can win him back.

Guy Hands wants to reduce artists’ advances as he tries to save money by paying royalties on sales instead. But his problem is that an inability to hold on to big names makes it less likely that he will be able turn around a company that needs to rediscover its hit formula.

EMI finished fourth of the “big four” record groups around the world last year, and sold 11.1 per cent of albums in Britain in critical month of December, a dismal showing in its core market. However, the reasons behind each artist’s decision to leave, or complain, are different.

Sir Paul McCartney was already on his way out when Guy Hands arrived in May, but Radiohead’s decision to quit in the autumn was more damaging because of the band’s artistic credibility. An offer of £10 million for one album would have helped to persuade them to stay – but Mr Hands only offered £3 million.

Robbie Williams’s manager says the singer may not deliver his next album to EMI, but as he is obliged to produce one more album, there may not be so much room to negotiate.

Explore Music

• CD Reviews

• Live Reviews

Editor's choice

• Exclusive: Listen to AC/DC's Black Ice
• Burning Bush with W
• Boy George on sex, drugs and Amy Winehouse