The Mama Group, Beggars Banquet and Warner are planning an IPTV channel (that's web-TV for the rest of us)... oooh watch those shares go up.

No way - let me hit the snooze button for another 8 years. I seem to remember this story from a while ago, when Mama Group was called Mean Fiddler. But the venues and people signing off the PR are still the same.

Here the BBC's take on proceedings - as ususal, a lot of gloss but no substance or analysis of what's really going on behind the press releases.

"The directors believe that interactive TV represents the logical conclusion to the convergence of technologies and the future for digital broadcasts," read a statement from the Mama bigwigs on Friday said.

Furthermore: "The channel would allow the empire, which attracts more than 2 million customers to its events and venues, to exploit further its music festival operations."

Call me cynical - but if you haven't managed to do it in 8 years, are you sure you should still be trying?