Mark Mulligan, Founder and Managing Director of global music-biz authority MIDiA Research, points to an interesting fact in the music industry hierarchy: Independent labels contribute 34% of global major-label revenue, yet the number of these indies is only 0.2% of all non-major labels. In other words, indie labels as a whole group are punching above their weight. Mulligan suggests a new category for them: Mid cap labels. In that way of sorting the record industry, the hierarchy would be:
- Major labels
- Mid cap labels
- Independent labels
- Artists direct
Mulligan says this reorganization “reflects the fact that a one-size-fits-all label (pardon the pun) no longer works in today’s highly diverse independent music market.” Read Mulligan’s statement and industry feedback HERE.