NEW YORK (TheStreet) -- The influence of the Big Three major record labels and the broadcast industry that supports them is noticeably shrinking, giving way on several fronts to the growing power of independent music businesses.
The Big Three are what's left of what was once a larger group of huge labels that between them still dominate the industry. Market pressures over the last 20 years effectively forced a reorganization that has left three giants standing: Sony Music, a part of Sony
Independent labels already have nearly a third of the total market share for album sales, and that number appears to be growing. From 2011 to 2012, that share went up 0.5%, to 32.6%. Looking at only digital album sales, market share for indies is even higher, at 39%.
As a group, independents tend to specialize in specializing, feeding niche markets that the big commercial labels largely ignore. Many artists in jazz, reggae, blues or electronic music, or new composers of classical music can be found on independent labels.
But independents are also at the top echelons of hit makers. Taylor Swift, crossover artist extraordinaire and multi-Grammy winner, records for Big Machine Records, a label in the independent, Nashville-based Big Machine Label Group, founded in 2005.
As Jason Notte notes in an article from May 27, the top song Memorial Day weekend on Billboard's Hot 100 was Macklemore and Ryan Lewis' Can't Hold Us from their independently recorded and released album, The Heist.
Concord Group (purchased by Wood Creek Capital Management in March) not only has the leading jazz catalog but through its subsidiary labels also holds Creedence Clearwater Revival's catalog and a distribution agreement with Starbucks'