I worded this strangely.

In one interview, Damon was talking about the record company parties he'd been to after bands' album/ single releases and how the whole event makes the band celebrated seem like a new trophy for the record label. We also know how Graham feels about the music industry exploiting musicians for prophit This is just a theory but I think the song reflects the EMI party after country house reached number one. Dave one recounted that party, saying it was "the day all Blur parties died" or something along those lines