Live music and independent labels held sway on the third day of Midem panels.

Laurence Bell, founder of Domino Records - home to Arctic Monkeys and Franz Ferdinand -- was the big draw as he opened-up on some of his guiding business and creative philosophies.

"The song comes first. Following trends is just wrong," he said. "In independent music you want to be ahead of the trend. Trends change so quickly, it'll be gone by the time you are ready [to release], and the kids will have moved on."

Bell said financial upside shouldn't come into the equation when signing a band, and urged indies to maintain patience.

"It comes from a gut feeling," he explained. "It's an incredible mistake to chase bands because you think they might be successful. We didn't have this scale of success for 10 years."

In an earlier on-stage indie session, Michel Lambot and Bob Frank, the respective founder and chairman of Merlin, held court to discuss the roles and goals of the new digital rights agency, which opened for business during Midem 2008.

"We want double facilitation," said Lambot, who is also co-president of PIAS Group. "One license for all the thousands of indies, and one entry point to market."

Meanwhile, on the "Looking for Inspiration -- Concrete Out of the Box Initiatives" panel, executives from the independent sector pondered methods for finding a niche in today's major-dominated landscape.

Jeremy Laschelles, CEO of U.K. independent Chrysalis Group said his label Echo was forced to become an incubator label due to Universal's ability to "muscle out" competitors, but had since gone on to break Ray Lamontagne and Bat for Lashes before licensing them to majors.

"Indies can move quicker," he said. "Our model isn't a ball and chain."

Elsewhere, Nick Gold, owner and producer of World Circuit Records, ruled out a sale of his world music specialist.

"Is it up for sale? No, I don't think so. Things seem to be working," he noted.

On the touring front, AEG Europe president and CEO David Campbell -- in conversation with Billboard's international bureau chief Mark Sutherland -- admitted that 2008 residencies at London's O2 Arena from Michael Jackson and U2 were "possibilities," although no dates have yet been confirmed.

He also said AEG planned to build on the phenomenal success of the London venue, which hosted 21 sold out dates by Prince, as well as concerts by Led Zeppelin, the Spice Girls and the Rolling Stones. O2 World Berlin will open later this year.

"We certainly would like to see it in more than just those two markets," he said. "But having established the O2 and been successful with it, we need to be careful we don't destroy that new brand."

AEG Europe is planning U.K. festivals in collaboration with Stuart Galbraith's new Kilimanjaro company and Campbell didn't rule out a U.K. leg of the Coachella festival at some point in the future.

"From an artist standpoint [Coachella] is certainly a great brand," he said, "And if that means we can attract a better line-up to the festival that's got to be worth thinking about."

Elsewhere, Mark de Quervain, sales and marketing director, Vue Entertainment, said the music industry could rake-in revenues through live concert simulcasts in movie theaters.

Speaking on the "Expanding Live Frontiers" panel, De Quervain said a live feed from a Take That concert at the O2 Arena had sold 14,000 tickets across the British cinema chain, with ticket prices ranging from £10-£25 ($20-$50).

"There's a huge opportunity," he said, "All it needs is a satellite link up."

On the "A Greener Live - Raising the Bar" panel, one speaker warned of a backlash against the green festivals movement.

"I'm worried that green fatigue will kick in. If we keep saying 'You must be green,' people will get bored of it," said Ben Challis, co-founder of Agreenerfestival.com.

The conference program for the 42nd Midem fair will conclude Wednesday.