Seymour Stein, VP at Warner Music Group and founder of Sire Records, as quoted by the Globe and Mail:

We blew it. The first major music labels were all phonograph manufacturers, but by the time the Beatles came along, most companies were no longer involved in the hardware. Had we remained in control of the hardware, we wouldn't be hurting as much as we are now. And the iPod would be ours.

This is a joke, right? I get his attempt at logic, but the argument is not only quite a stretch, it is a sad combination of wishful thinking and Monday morning quarterbacking.

More realistic would be something like, "We should have got into management, ticketing, e-commerce and merchandise when we had the chance."

Either way, such exercises are moot. No point talking about what could have been. Just worry about what is possible.