And since discriminating fans can pick and choose exactly what they want to buy, artists and their labels are more conscious than they've ever been of making sure that every song on a new album is as good as can be.

It’s the downside of a family business: anything good is because I’m somebody’s son otherwise, I’m a schmuck.

As my other obligations are beginning to take an inordinate amount of time, I have asked to step down as WMG's board chairman, effective January 31, 2012. However, I will remain a director of the company and in that way, continue my association with Warner Music and its extraordinary people.

Frankly, right is right and wrong is wrong, particularly when a parent is talking to a child. A bright line around moral responsibility is very important.

To turn $100 into $110 is work. To turn 100 million into $110 million is inevitable.

Any time that you can give the consumer more of what they want, it's a good thing. I said from Day 1 that the unbundling of the album is a good thing.

Commercial success still hasn't come to an artist that isn't signed to a record label. There are very few artists that can succeed without the help of a record label. The role of the record label is still required, it's still necessary.

The iPod made music mobile, but today, how many devices do you need to walk around with? You want it on just one. And inevitably that's going to be the phone.

The history of the music industry is inevitably also the story of the development of technology. From the player piano to the vinyl disc, from reel-to-reel tape to the cassette, from the CD to the digital download, these formats and devices changed not only the way music was consumed, but the very way artists created it.

It strikes me as hubris that Universal will buy EMI. What it will do is create a super-major that will have far too much power... I think when Universal goes up over 40 percent market share, I don't see how reasonable regulators can countenance. It will impact not just labels, but artists and cultural diversity.