And now I get to play some Sex Pistols again! I'll always love their songs and the effect they had on the world, even if their intentions weren't as pure as other punk bands. EMI was the name of the record label which originally signed the Sex Pistols, but after their behavior on TV and tours, the company dropped the band from the label. This song is an attack at the record company, with lyrics that state that the company only wanted them to make money. Here's a small section of lyrics taken from the song for you to read, which I think accurately portray the two ways that people see the band: either they think they're totally fake, or they follow them with blind acceptance and never question their motives at all. According to these lyrics, the band thinks that both of those ways of thinking are foolish.
And you thought that we were faking
That we were all just money making
You do not believe we're for real
Or you would lose your cheap appeal?
Don't judge a book just by the cover
Unless you cover just another
And blind acceptance is a sign
Of stupid fools who stand in line
E.M.I. E.M.I. E.M.I.