He was more specific than that. He said that the Far East dates that had previously been announced would not be going ahead until there was a new record to promote. I took it from that that it was not financially viable for him to do a logistically expensive tour of smaller venues commanding lower ticket prices without the backing of a record label.
New songs are probably due, but the problem remains that he's a risky investment for a label, particularly as profit margins continue to shrink. It's getting on for 20 years since he had a recording contract reach its term without legal letters and/or public recriminations. On the other hand, with two films in production and the anniversary of TQID almost here, maybe the climate for him getting a deal now is better than it has been. If anyone's holding their breath, though, they should stop.