Independent record labels made up 38.4 percent of the global recorded music market and contributed $6bn (£4.6bn) to the industry in 2016, new research has revealed.
The WINTEL report is the second produced for Worldwide Independent Network (WIN), which maps the global market share of the independent sector at copyright, rather than distribution level.
Independent record labels contributed £800 million more to the industry compared to the figures for 2015, with a market share increase of 0.8 percent.
Authored by Mark Mulligan of MIDiA Research and edited by Dave Roberts of Music Business Worldwide, the survey was completed by 660 labels and distributors from 26 countries, making it the most comprehensive assessment of the global independent record label sector ever compiled.
The US saw the largest increase in favour of independents, increasing 1.7% to 37.3%.
However, many European markets, including the UK and Germany, saw independent market share decrease slightly, despite overall revenue growth.
The report found that independent labels continue to record higher market share in streaming than they do in physical formats.
Streaming was also entirely responsible for the global recorded music market enjoying its second consecutive year of growth, following 15 years of decline.
Alison Wenham, CEO of WIN said: 'The WINTEL 2017 report tells the story of another strong year for the independent sector.
'It has seen solid growth overall and an astonishing increase in streaming revenues. Both are trends we are confident will continue. It is important when making sense of the global market for independent music that we continue to use ownership rather than distribution as the method of calculation.
'The claiming of market share through distribution by major labels distorts the true value of the independent market and creates a false picture of the amazing growth and vitality of our sector.'
The WINTEL report is the second produced for Worldwide Independent Network (WIN), which maps the global market share of the independent sector at copyright, rather than distribution level.
Independent record labels contributed £800 million more to the industry compared to the figures for 2015, with a market share increase of 0.8 percent.
Authored by Mark Mulligan of MIDiA Research and edited by Dave Roberts of Music Business Worldwide, the survey was completed by 660 labels and distributors from 26 countries, making it the most comprehensive assessment of the global independent record label sector ever compiled.
The US saw the largest increase in favour of independents, increasing 1.7% to 37.3%.
However, many European markets, including the UK and Germany, saw independent market share decrease slightly, despite overall revenue growth.
The report found that independent labels continue to record higher market share in streaming than they do in physical formats.
Streaming was also entirely responsible for the global recorded music market enjoying its second consecutive year of growth, following 15 years of decline.
Alison Wenham, CEO of WIN said: 'The WINTEL 2017 report tells the story of another strong year for the independent sector.
'It has seen solid growth overall and an astonishing increase in streaming revenues. Both are trends we are confident will continue. It is important when making sense of the global market for independent music that we continue to use ownership rather than distribution as the method of calculation.
'The claiming of market share through distribution by major labels distorts the true value of the independent market and creates a false picture of the amazing growth and vitality of our sector.'
