Global revenues have reached an all time high with independent record labels generating $6.9 billion of revenue in 2017 according to WINTEL 2018, the third report produced for the Worldwide Independent Network (WIN).
The WINTEL report maps the global market share of the independent sector at copyright level rather than distribution level.
That figure has shown an increase of 10.9% year-on-year compared to 2016, when indie labels generated $6.2bn.
The research also reflects that independents increased their global market share from 39.6% in 2016 to 39.9% in 2017.
Martin Mills, Founder of the Beggars Group and current 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.
This report was by WIN aimed to analyse the global economic and cultural impact of the independent music sector.
The results, that were gathered from 33 countries, represent the most comprehensive assessment of the global independent record label sector ever compiled, according to the agency.
Alison Wenham, CEO of WIN at the release of the report said:
It has been another turbulent twelve months for our industry on a lot of levels but we have emerged with the prospect of powerful new legislation to protect our businesses, fantastic growth in some unexpected territories and increasing support from music fans who have continued to enjoy and engage with the amazing music coming out of the worldwide independent community.
Other findings in the report include:
- Streaming revenues for independent companies have grown by 46% in 2017 to $3.1bn, which now accounts for just under 44% of the sector’s overall income.
- 76% of artists signed to independent labels choose to renew their contracts at the end of the term
- 42% of staff at independent companies have remained there since launch
- The average age of independent labels are 14.9-years-old.
- Self- releasing artist revenues grew from $94m in 2016 to $101m in 2017.