Even if their artists have to work hard just to make a living, independent record labels are doing better in 2019 thanks to streaming services like Apple Music, Spotify, and Pandora, which are encouraging people to try music beyond mainstream tastes, reports say.
Of over 2,000 labels belonging to Merlin, a group representing indies, 85% said they were optimistic about the future of their business in a June membership survey, according to CNET. The site noted that indie streaming revenues grew 46% in 2017, helping them to push overall revenue up 11.3% to $6.9 billion, as seen in Worldwide Independent Network data. That outpaced the rest of the market, which grew 10.2%. Indies are now said to account for about 39.9% of the industry, double a figure from two decades ago.
“If there’s one thing that streaming has done for sure, it’s created a new independent music industry,” commented Symphonic Distribution CEO Jorge Brea. His firm is credited with distributing music by the likes of Deadmau5 and Waka Flocka Flame.
Read more at AppleInsider.com