Decca Records rejected The Beatles on the ground that "guitar groups are on the way out" when auditioned for them in 1962, and claiming, quite wrongly, that "The Beatles have no future in show business."
This is considered to be one of the greatest fiascos in musical history: before The Beatles were THE Beatles, they auditioned for Decca Records. They were rejected outright by the recording label, who chose Brian Poole and the Tremeloes instead. The reason they gave? That "guitar groups are on the way out", and that "The Beatles have no future in show business." One imagines – and perhaps quite rightly – that Decca must have regretted their blatant claims quite intently.