Growth in the independent music sector overtook both the major labels and overall music sector last year, according to the latest edition of the annual WINTEL report.
The research from the Worldwide Independent Network (WIN) found that the independent sector increased its global market share from 39.6 percent in 2016, to 39.9 percent in 2017.
Global revenues for independent labels were up from from $6.2 billion (£4.9bn) in 2016 to $6.9bn (£5.4bn) in 2017 - an increase of 10.9 percent. In comparison, the major labels’ revenues grew by 9.7 percent in the same period.
Meanwhile, music streaming subscription services had 176 million combined subscribers globally, up from 64 million in 2016.
As a result, streaming revenues for independent companies grew by 46 percent in 2017, with 47 percent of indies stating that streaming has significantly improved their cash flow.
The survey also found that 76 percent of artists signed to independent labels chose to renew their contracts, while 42 percent of employees at independent companies have remained there since launch.
Commenting on the figures, Alison Wenham, chief executive of WIN said: 'As 2018 draws to a close, we are delighted to publish the third edition of the annual WINTEL report, which highlights the global independent market share increasing to an astounding 39.9 percent in 2017 - a figure that outstrips both the major labels and overall music sector.
'There are numerous interesting outcomes from this survey but one thing that really stood out for me is the fact that 76 percent of artists are choosing to renew their contracts with their labels, which shows that the indies are forging great bonds with those they represent.'
Martin Mills, founder of the Beggars Group and chairman of WIN, added: 'With two out of every five ‘purchases’ of music going to the independent sector, now may be a good time to draw breath and celebrate this incredible achievement.
'In an era in which diversity of all kinds is prized, yet consolidation is the norm, for a cultural sector such as music to achieve such remarkable diversity of both art and business models is truly extraordinary, and due in no small part to our ability to be strong together through our collective organisations.'
Now in its third edition, WINTEL maps the global market share of the independent sector at copyright, rather than distribution level. The results are gathered from 33 countries.
The research from the Worldwide Independent Network (WIN) found that the independent sector increased its global market share from 39.6 percent in 2016, to 39.9 percent in 2017.
Global revenues for independent labels were up from from $6.2 billion (£4.9bn) in 2016 to $6.9bn (£5.4bn) in 2017 - an increase of 10.9 percent. In comparison, the major labels’ revenues grew by 9.7 percent in the same period.
Meanwhile, music streaming subscription services had 176 million combined subscribers globally, up from 64 million in 2016.
As a result, streaming revenues for independent companies grew by 46 percent in 2017, with 47 percent of indies stating that streaming has significantly improved their cash flow.
The survey also found that 76 percent of artists signed to independent labels chose to renew their contracts, while 42 percent of employees at independent companies have remained there since launch.
Commenting on the figures, Alison Wenham, chief executive of WIN said: 'As 2018 draws to a close, we are delighted to publish the third edition of the annual WINTEL report, which highlights the global independent market share increasing to an astounding 39.9 percent in 2017 - a figure that outstrips both the major labels and overall music sector.
'There are numerous interesting outcomes from this survey but one thing that really stood out for me is the fact that 76 percent of artists are choosing to renew their contracts with their labels, which shows that the indies are forging great bonds with those they represent.'
Martin Mills, founder of the Beggars Group and chairman of WIN, added: 'With two out of every five ‘purchases’ of music going to the independent sector, now may be a good time to draw breath and celebrate this incredible achievement.
'In an era in which diversity of all kinds is prized, yet consolidation is the norm, for a cultural sector such as music to achieve such remarkable diversity of both art and business models is truly extraordinary, and due in no small part to our ability to be strong together through our collective organisations.'
Now in its third edition, WINTEL maps the global market share of the independent sector at copyright, rather than distribution level. The results are gathered from 33 countries.
