Screwed

Top Music Industry Gaffes (International) (Source: Reuters through Yahoo)

1. Major labels for driving file-sharing service Napster out of business in 2001, instead of figuring out a way to make money from its tens of millions of users. Napster multiplied like gremlins with a population of about millions to date.
2. Talent scout Dick Rowe of Decca Records turning down the Beatles, saying "groups with guitars are on their way out," to the band's manager Brian Epstein.
3. Berry Gordy selling the money-losing Motown Records, home of the Supremes and Marvin Gaye for about $60 million in 1988. In 1989, A&M Records sold for about $500 million, and David Geffen got about $700 million for Geffen Records.

Local:

Record companies including the then Octoarts turning down Eraserheads. The band became the best-selling Pinoy band in local history, under BMG Records Pilipinas.