Which makes it a bit puzzling why PRS would be getting involved, because there are plenty of PRS-registered songwriters not on those labels. See also the Myspace Music situation, where the majors get an equity stake and indies don't. I know the music industry needs new business models, but so far their efforts at finding them tend towards the impressively cackhanded.
(One reason I like Emusic so much is that it doesn't favour the majors like so many of these other efforts do)