“I think it’s a big mistake to draw conclusions about the Death of Big Labels based on the successes (or failures) of bands that built massive followings while on a big label. Radiohead isn’t coming out of nowhere: According the RIAA site, Pablo Honey, The Bends, OK Computer, and Kid A are all platinum records. So Yorke can breezily dismiss the need for labels now, but that’s after a decade-plus of benefiting from having the big-label machine work his records at radio, bankroll the early videos and tours when they weren’t megastars, etc. I’m not saying the old model isn’t under serious pressure; I’m saying that you can’t make sweeping conclusions without considering residual effect from the old model.”
Of course, none of that will stop the anti-copyright brigade making exactly these kinds of sweeping generalisations, but you could, at least, hope that it would lead some serious economists to look into the effects of lack of copyright on the economy.