Lyric discussion by knightwriter 

Though there's not a whole lot of evidence for it, this sounds to me like a critique of the music industry.

The silver spaceship is the record label's corporate headquarters, perhaps in a large building pointing high into the sky. The lion represents the head of the company, or maybe the band's agent, as he "takes control", is "on the phone" (spoken condescendingly to the inquirer by his secretary), and eventually "waves goodbye".

Additionally, the song begins and ends wondering who the guitar player is, a question to which no one has the answer, perhaps representing the anonymity fame/marketing brings. The middle refrain of "Turn it up / I can't hear the guitar", though it sounds like an energetic middle section to a dance tune, could in fact be alluding to how the music eventually becomes swallowed by corporations.

Anyway, that's just my take.

The Capital Records building looks like a giant spaceship, I always think of that. I agree with your interpretation, pretty much what I got out of the song too.

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