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The new owner of EMI, Britain's largest music group, has warned that the industry will not survive if it continues to rely on CD sales alone.

Guy Hands, the financier whose private equity group, Terra Firma, bought EMI in August, told staff in a confidential e-mail last week that the industry had been too slow to embrace the digital revolution.

Hands' letter was in response to the decision by Radiohead, one of the biggest bands nurtured by EMI but now out of contract with the label, to release their latest album via the internet and at a price decided by fans.

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