Alison Wenham, CEO of WIN, provides an exclusive take on the impressive growth in international revenue & unveils why independent record companies continue to produce the lion’s share of new music.
WINTEL 2017 is the second report produced by the Worldwide Independent Network (WIN) mapping the global market share of the independent sector at copyright, rather than distribution level. Commanding an impressive 38.4% of the global market and worth $6 billion in 2016, the report details impressive growth in international revenue, representing 32% of total income, and streaming revenue recorded a marked increase of 80% on the previous year, to $2 billion.
The biggest increase was posted by the US, increasing their market share by 1.7% to 37.3% whilst South Korea increased its independent share to an astonishing 89%.
Independent record companies continue to produce the lion’s share of new music, the most exciting area of the industry and where our sector excels. New artists are incredibly well supported in every country in the world by creative entrepreneurs who know their music, their market and the fans who seek out something different from the mainstream. And it’s never been better.
The usual challenges of achieving commercial success don’t change in a competitive industry, but these challenges are mitigated by the increasing reach into countries which were difficult to access before the advent of streaming. Fans all over the world are discovering, sharing and championing new music, with the result that streaming revenue has increased sharply; the independents will remain firmly at the heart of this trend.
Independents do business in different ways to the majors. When music becomes simply a product, with all the attendant cash flow forecasts and targets that major companies are required to produce, it is likely to fail to meet expectations because, as we all know, music is a quixotic and joyously unpredictable creature. Independents do business in different ways, following their instincts, their gut and keeping close to the fans and the market.
This approach is now being captured and recorded through the WINTEL reports. The full report is available on the WIN website http://winformusic.org/wintel/
The report will take you through the most impressive results from the global independent nation, covering the contribution to culture, to creativity, to artistic endeavour and to solid economic returns to their closest partners, the artists with whom they work. WINTEL is a compelling sector success story. It speaks volumes for the tenacity, passion and entrepreneurship of independent labels, and the public’s desire for musical diversity, that even in these times of global dominance by major corporations, almost 4 out of every 10 dollars spent on music goes to the independent sector.