Its the same as someone calling me 'pal' or 'mate' - I find that quite insulting.
You could call me sir actually, that would be a nice power-trip!
Anyway, back OT - £80m may seem rather a lot to pay for a few music channels, but with £1 a time to call up and select your video (which I would never do) I bet they make a tidy couple of quid...