On New Year's Day in 1962, a young band from Liverpool called The Beatles traveled to London to audition for Decca Records. They performed 15 songs in roughly an hour, including covers and a few originals. However, the label eventually rejected them, famously stating that 'guitar groups are on the way out' and 'The Beatles have no future in show business.' Instead, Decca signed a local group called The Tremeloes because they lived closer to London and would be cheaper to manage. This decision is widely considered the biggest mistake in the history of the music industry. Following this rejection, the band's manager, Brian Epstein, eventually secured a deal with EMI's Parlophone label under producer George Martin, and the rest is history. The Beatles went on to become the best-selling band of all time, with over 600 million records sold worldwide.