Mr Jobs says that the majors risk stifling the new market, and also that they are plain greedy.

ECONOMIST: Online music

"Today we can compete with the global majors, " says managing director Vimal Kaushik, a 38-year Punj veteran.

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"Maryland might as well mandate that Southwest Airlines flights landing in the state have two tons of cement in their baggage holders, to even out its per-passenger cost with American and other majors, " says George Stalk, a Boston Consulting Group retailing expert.

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More and more bands are opting to go independent, he says, insisting that this is shrinking the majors' influence and power.

BBC: NEWS | Business | The online music revolution

"Hollywood is known for making decisions looking in the rearview mirror, and no one wanted to get iTunized in the way their friends in the music business got iTunized, " says one suit who has negotiated online deals with the majors.

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"Today production is down, with many majors like Chinastar and Golden Harvest scaling back, " he says.

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"The work I've done here captures both of my majors, and it's so cool when they overlap, " says Jennifer Blundo, a 21-year-old double major in finance and mechanical engineering who is working on a running shoe for New Balance.

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"If you look at where the majors seem to be doing their business, many of them are withdrawing from South Africa, " says Charles Bond of the law firm Gowlings.

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