Independent record labels are on track to increase their share of of the UK recorded music market for a fifth consecutive year, according to new analysis from the BPI, the representative voice for independent and major record labels across the UK.
In the first ten months of the year, independently-released music made up 28.6% of the UK music market. This compares to 26.9% for the whole of 2021 and almost a third (30%) up on 2017, when independents claimed a 22.1% share.
A wide range of independents are contributing to this success, including BPI members Dirty Hit, Partisan and PIAS, as well as companies such as Domino and XL Beggars.
Indie label market share has grown year-on-year in 2022 across sales and streams, but has been particularly strong in the albums market, where independents accounted for four in every ten (40.5%) sales during the month of October, including on vinyl LP and CD formats. This compares to a 32.2% share over the same month in 2021 and was led by Arctic Monkeys’ seventh studio album The Car.
Official Independent Albums UK Chart 2022 to date* Top 10 © Official Charts Company
Geoff Taylor, Chief Executive BPI, BRIT Awards & Mercury Prize, said: “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. This 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.”
More on the music industry at www.bpi.co.uk
Raph_PH, CC BY 2.0 by Wikimedia Commons