As the music industry shifts and independents take the power away from major labels, the UK’s music market shows just how strong independent music has become.
The latest statistics from the Official Charts Company in the UK shows that independent record labels are doing better than ever. They’re doing so well that their market share is now bigger than two of the world’s major record labels in the UK.
Independent Record Labels were shown having a higher market share in the first half of 2019 than both Sony Music and Warner Music. Independents were shown to have a 25.1% market share. That’s almost 4% higher than Sony Music who had a 21.5% share and they vastly surpassed Warner Music who were shown to only have 16.2% for the period.
The third of the 3 major labels, Universal, stayed on top with a whopping 37.3% market share. But beyond Universal the results show a vast growth in the independent music sector which has been boosted in recent years by music streaming and the internet opening the opportunities up outside of label deals to everyone.