Back in the day (cough cough, wheeze) we were in the midst of the mid-90s band signing rush. All the major labels were scrambling to either make off-shoot faux indie labels, or sign the buzziest band. They had money and resources, and weren't afraid to use it. But in the end it was Sodom and Gomorrah. An industry living in excess, not knowing or caring what tomorrow would bring. We talked to every major band in the business. Even spoke with one who told us they didn't even know who we were, just set up the meeting because everyone else was.
Fast forward to today. All those A&R staff have been long since laid off, budgets slashed, down to the bear minimum. And yet the industry still refused to adapt to the times.
The reap what they sew.