The share of Spotify streams accounted for by the majors and Merlin fell four percentage points in 2020 to 78%, down from a high of 85% in 2018. The recorded music market is one in which label market shares typically move at a near glacial pace. In comparison, this shift is nothing short of tectonic. What we are witnessing is not just the emergence of a new pattern of growth in the recorded music business but also the emergence of a new breed of record label.
Source: Smaller independents and artists direct grew fastest in 2020