Independent Label Music Production in the UK - Industry Research Report

Turned down: Revenue growth slows as the post-pandemic surge subsides

In recent years, shifts from physical to digital media have had greatly influenced the music industry. Over the five years through 2023-24, industry revenue is expected to increase at a compound annual rate of 0.1%, to reach £375.5 million. Revenue tanked in 2020-21, on the back of dwindling physical media sales due to forced store closures and cancelled tours, concerts and gigs due to responsive pandemic-related responses. Revenue is forecast to grow by 1.4% in 2023-24 with increasingly popular streaming services regularly adapting to a monetisation environment.

Independent record labels find musical talent, finance the production of music and distribute recordings to retail and digital outlets. These labels have smaller budgets and operations than major labels, and independent labels frequently outsource manufacturing and distribution of physical records. Major labels are included in the Major Label Music Production industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.