The commercial clout of the self-releasing artist sector is becoming increasingly big news.
Midia Research has previously estimated that DIY artists generated $643m worldwidefrom recorded music royalties during 2018, up by 35% on 2017.
That figure represented larger percentage growth (off a smaller base) than any of the three major record companies in the same period – and was enough, says Midia, to claim a 3.4% market share of all recorded music wholesale revenues ($18.9bn) worldwide. (This 3.4% market share number was up on 2.7% in the prior year.)
Consider that Warner Music Group’s estimated market share in this period would have been approximately 18.5% (based on WMG’s $3.497bn annual recorded music revenue in 2018), and you can see how the indie artists’ 3.4% portion of the pie now has real significance in the global music business.