Former Sex Pistols manager Malcolm McLaren gave a speech on Tuesday at a reception held at the British Consulate in New York City to mark this year's Live From London showcase during which some of the UK's up and coming acts hit the USA (a.o. Amy Winehouse and The Holloways).

The man behind Sex Pistols' rise to notoriety predicted the demise of all record labels due to the rise of the Internet: "No one cares about selling units any more. All record labels will end up closing eventually because no one wants actual CDs anymore. You can get whatever you want on the Internet for nothing now. The experience of seeing a band or artist perform in front of you is what is valued today and that's why live entertainment is having such a boom at the moment."