David Bowie's long-time producer Tony Visconti spoke out against the music industry in an impassioned keynote speech at this years' SXSW Festival.

"There are great people all around us - the next David Bowie lives somewhere in the world, the next Beatles, the next Springsteen,' Visconti said. ". . . but they're not getting a shot, they're not being financed."

"Back in the Seventies, Fleetwood Mac's Rumours sold between 14 and 16 million," he said.

"Since then the world's population has nearly doubled to close to 8 billion and last year Taylor Swift sold 12 million.

With the population doubling how come we can't sell records? The record labels now are not giving you quality - that's why you're disenchanted, that's why you don't buy records."

"I think we're living in a time when formulas are being repeated more than they ever were in the past . . . I didn't want to come out here saying this stuff, swinging two fists in the air," said Visconti.

"If this was really working, record sales would be going through the roof."