According to new research undertaken by The Worldwide Independent Network (WIN) and launched at MIDEM last week, the global market share of independent record labels is now 37.6%, representing $5.6 billion in 2015.
The new report, entitled WINTEL, explores the economic and cultural contribution of independent music. It was commissioned by WIN and is authored by Mark Mulligan of MIDiA Research in conjunction with Dr. Chris Bilton from Warwick University’s Centre for Cultural Policy.
The report focuses on the criterion of value ‘based on rights ownership’ when analyzing market share – a distinction made because where independent companies use major labels in various territories around the world to distribute their music, the majors tend to include this in their own market share reports. Over half (52%) of independent labels use a major or major owned distributor.
CEO of WIN Alison Wenham said: “This is an important report, giving us the first truly global overview of the economic and cultural value of independent music. With a 37.6% market share based on rights ownership, and a contribution of $5.6bn it is clear that the independent music community is playing an increasingly important part within the global music industry. Quite apart from the significance of the independent sector’s real market share, the vital contribution to the creation of local music in countries around the world assures that the cultural value and contribution of music is in very good hands with the independent sector”.
The report also reveals that independent labels have significantly higher market share in streaming than in physical in almost all territories.
There was a diverse range of national trends, with independent market share ranging from 16% in Finland to 88% in South Korea.
The Gen: our specially curated round-up of all the latest and greatest news, views, and events, keeping you in the loop!