Indie artists the fastest-growing segment of the music business
Revenue generated by independent artists is the fastest-growing segment of the music business, flipping the paradigm of major label dominance.
MIDiA and music label/distributor Amuse have released a report into the growth of independent acts, finding that the indie sector generated $643.1 million in 2018.
That represents a whopping 35% increase from 2017.
These new figures highlight the true scale, influence and impact of independent artists, who are also getting more native streams than label-signed artists.
The survey aimed to answer questions about the independent sector including what it means to be an artist in these streaming boom years; how they make money, what career paths they are taking and what their aspirations are.
It also found that more artists now view labels as just one possible means to an end, and less than ⅓ of artists think that being signed to a label is important.
Nearly ¾ of indie artists earn less than $10,000 each year from their music, proof that earnings are still a big obstacle.
Nearly ⅔ of artists surveyed felt they needed to keep up other work alongside music to make ends meet.
Despite that, more artists feel empowered about their careers than ever before, and nearly ⅔ have a positive outlook about their careers.
The full report is available here.