Independent labels now claim 30% of global revenue [IMS Ibiza 2025 Report]

Independent labels gained global share for the fifth straight year, reaching 30% and challenging the dominance of majors.

One of the most telling takeaways from the IMS Business Report 2025, presented live at IMS Ibiza, was the continued rise of independent labels. For the fifth consecutive year, indies grew their global share, now commanding 30% of total label revenue.

While Sony Music led the major label pack with a 10% gain, it was digital-first independents like Believe and Concord that outpaced them in growth across emerging markets. These companies have leaned into regional content strategies and agile distribution models, making them especially well-positioned in Global South territories, where streaming is rapidly expanding and Western majors are often less culturally aligned.

The indie era isn’t coming – it’s already here.

The report also points to a broader trend: decentralization. As audiences’ fragment and artist discovery becomes increasingly algorithm-driven, indies have become adept at occupying niche lanes and maximizing impact within them.

Though majors still dominate global revenue, the direction of travel is unmistakable. Independent labels are no longer industry outliers—they are powerhouses in their own right, setting trends rather than following them.

You can download the IMS Business Report, written by Mark Mulligan and MIDiA research here.