Now that's what I call worrying – pop institution's future in doubt

Thank you for the music: some of the 83 compilations

Almost everyone remembers the first one they bought. Moreover, most can even recall their favourite songs on it. Mine was 21. Or more precisely, Now That's What I Call Music! 21.

It was actually a hand-me-down from a generous babysitter but – owing to my parents' stingy approach to pocket money – my cassette tape collection was, shall we say, limited, meaning it received more plays than I care to admit. Just glancing over the track listing – Shakespears Sister's "Stay", Roxette's "Church of Your Heart", Shanice's "I Love Your Smile" –induces waves of nostalgia. As with all Now compilations, Now 21 was a curious offering, with Right Said Fred sitting uncomfortably alongside Jesus and Mary Chain.

But is the series' future now in jeopardy? As part of Universal's deal with the European Commission in its recently approved £1.2bn takeover of EMI, Universal has agreed to sell EMI's 50 per cent stake in the compilation brand. Unless someone steps up to invest in the series, it looks set to end with its next edition, Now 83, which is slated for release in November.

"Everyone has at least one Now album in their record and CD collection – they're a total guilty pleasure and an essential part of growing up," says Peter Hart, editor of Top Of The Pops Magazine. "But at the same time, these song collections are nearly as an important part of British pop heritage as Top Of The Pops itself, and it would be devastating to see them disappear for good."

The first Now was released in 1983, featuring tracks such as Phil Collins' "You Can't Hurry Love" and The Cure's "The Lovecats", and immediately flew to the top of the UK album chart.

The series has gone on to amass sales of more than 100 million, including the spin-offs, which include Now Dance, Now Hip-Hop and Now Reggae, among others. But the most successful volume to date is 1999's Now 44, which sold 2.3 million copies and is the biggest-selling compilation album ever (thanks, presumably, to Britney Spears' "Baby One More Time" being the first track.

However, industry insiders are confident there will be buyers for all parts of EMI that are to be divested. And given Now's huge popularity and strong branding, fingers crossed, it will get snapped up. Because even though the last edition carried not one, but two, tracks featuring David Guetta, these records remain an important musical snapshot of the time.

Long may they continue.