Nearly 10% of annual global market share by volume on Spotify has passed from the major labels and Merlin to independent artists and labels outside of these structures within just the past three years. The annual pace of this decline is getting faster: in 2018, the majors and Merlin lost 2% versus the prior year; in 2019, they lost 3%; and in 2020, they lost 4%.
Source: Slowly but surely, the major labels’ dominance of Spotify is declining