This just in: labels call ban on budgets below £50K

In a surprise announcement made this morning, UK major labels have pledged that no budget for any music video they commission in future will fall below £50,000.

In a joint statement, the labels have declared that in line with its considerable and growing importance to their revenue streams, greater investment was needed in music video in order to prevent a 'talent drain' from the so-called "industry".

"With mobile downloads, iTunes and now revenue from YouTube coming on stream, we have to finally and somewhat grudgingly acknowledge that video is a very important element of what we produce. So we have to admit that giving some kid out of college £500 to make a video for a new signing is really no way to run our huge entertainment businesses."

The statement continued: "We are also aware that the UK music video industry has contributed greatly to our success over the past thirty years. It has also become a great training ground for talent, which has had a huge favourable impact on British culture over that period, in videos, TV and film.

"If we don't continue to fund it properly it could wither on the vine, which would be no benefit to us in the long run, and would also have a knock-on effect for the whole British film industry."

"We need to ensure that music video production is a proper business, not a hobby."

? In related news, Chris Cunningham and Jonathan Glazer have announced they are working together on a new video for Girls Aloud.