The share of the UK recorded music market controlled by independent record labels is on track to grow for the fifth consecutive year.
In the first 10 months of 2022, music released by independent labels made up 28.6% of the market, an increase from 26.9% in the whole of last year and a 30% increase from five years ago, according to new analysis from the British Phonographic Industry (BPI).
“It’s a sign of just how vibrant and diverse the UK music industry is that independent labels are set to increase their share of the market for a fifth successive year in 2022,” said Geoff Taylor, chief executive BPI, BRIT Awards & Mercury Prize.
Indie market share has increased across sales and streams year-on-year, particularly in the albums market. Indie labels accounted for 40.5% of sales in October, including vinyl LP and CD formats, compared with a 32.2% share in the same month last year.
The increase in 2022 is partially driven by specific high-profile releases, including new albums from Arctic Monkeys and Wet Leg, both represented by Domino Recordings.
But nearly 60 independent albums have reached the Top 10 in the year to date, including releases by Craig David, Kylie Minogue and Yeah Yeah Yeahs.
Taylor said the growth “is built on a rich tapestry of talent, from singer-songwriters and rock groups to pop stars and rappers, all supported by a network of hundreds of indie labels who are creating further diversity in the market and giving artists real choice in how to release their music.”