According to trade body WIN's latest Wintel report, independent labels' share of the global recorded-music market grew from 39.6% in 2016 to 39.9% in 2017. Indie labels' revenues grew by 10.9% year-on-year to $6.9bn, comparing this to the 10.2% growth for the overall market and to the 9.7% growth of major labels in that period.
Other stats worth noting in the report: independent streaming revenues grew by 46% in 2017 to $3.1bn, and now account for just under 44% of the indie sector's overall income - compared to 33% in 2016. It's quite possible that streaming will tip over 50% of revenues for independents in 2018.
There is also a new number for revenues generated by "artists direct" (not signed to a label at all, making their music available through distributors). Wintel, using new calculations from Midia Research, estimates that artist-direct revenues grew from $94m in 2016 to $101m in 2017.
That's a lot less than the $472m of artist-direct revenues that Midia estimated for 2017 back in April. The figure has since been refocused purely on D2C sites like Bandcamp and PledgeMusic, as well as physical music sold at concerts.
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