Indie label U.S. market share grew an impressive 27.8% last year
Industry headlines focused this week on the narrowing gap between #1 UMG and #2 Sony, but the big news in the year-end data from Luminate was the strength of independent labels, whose U.S. market share grew an impressive 27.81% from 16.54% to 21.14% in 2022.
Most of the indie music sector’s growth came at the statistical expense of the top major label group UMG whose market share fell from 37.54% in 2021 to 22.57% in 2022.
#2 Sony’s market share grew slightly from 26.87% to 26,94% last year, and WMG’s #3 market share shaved a percentage point from 19.05% to 18.03%.
Unsurprisingly, indies captured a smaller catalog market share than the majors, but still notched an increase compared to 2021, ending the year at 14.93%. UMG ended 2022 with a 33.04% market share, Sony with 26.83%, and WMG with 19.31%.
Both current and catalog music market share growth came from dozens of independent labels, with BMG and Concord leading the charge.