Overall revenues up 11.3% year-on-year, as global streaming revenues grow by 46%
A new report commisioned by Worldwide Independent Network (WIN), has analysed the global impact of the independent music sector in 2017. The data was gathered from 33 countries and represents a comprehensive assessment of the global indie sector.
According to the report, independents increased their global market share from 39.6% (2016) to 39.9% (2017). The independent sector also outperformed major labels in revenue growth by 0.5%.
Most importantly, global revenues also increased from $6.2bn in 2016 to $6.9bn in 2017, which equates to a strong year-on-year growth of 11.3%. Interestingly, streaming revenues for independents also grew by 46% in 2017 to $3.1bn, representing 44% of income for the sector, an increase of 11% since 2016.
Alison Wenham, CEO of WIN said, “As 2018 draws to a close, we are delighted to publish the third edition of the annual WINTEL report, which highlights the global independent market share increasing to an astounding 39.9% in 2017 a figure that outstrips both the major labels and overall music sector. There are numerous interesting outcomes from this survey but one thing that really stood out for me is the fact that 76% of artists are choosing to renew their contracts with their labels, which shows that the indies are forging great bonds with those they represent. It has been another turbulent twelve months for our industry on a lot of levels but we have emerged with powerful new legislation to protect our businesses, fantastic growth in some unexpected territories and increasing support from music fans who have continued to enjoy and engage with the amazing music coming out of the worldwide independent community.”
Martin Mills, Founder of the Beggars Group and Chairman of WIN commented: “With two out of every five ‘purchases’ of music going to the independent sector, now may be a good time to draw breath and celebrate this incredible achievement. In an era in which diversity of all kinds is prized, yet consolidation is the norm, for a cultural sector such as music to achieve such remarkable diversity of both art and business models is truly extraordinary, and due in no small part to our ability to be strong together through our collective organisations.”