Part 4:
KingFish
Conclusion
Over the past 25 years, the music industry has been fundamentally reshaped by digital disruption, algorithmic platforms, and an explosion in the volume of music being released globally.
Anna Shoemaker
This transformation continues at a rapid pace, with new technologies, business models, and cultural dynamics altering the landscape on a near-daily basis. Lower barriers to creation, driven by affordable tools and the rise of AI, have democratized access to music-making, contributing to a daily flood of new releases. As a result, artists must now compete not only with each other, but with more than 202 million tracks already available on streaming platforms and a growing backlog of catalog material that dominates listening. At the same time, changes to platform algorithms and user behavior make visibility harder to secure, while the decentralized, fragmented nature of today’s industry introduces new complexities for those without significant resources or insider knowledge.
In this crowded and fast-moving environment, independent labels continue to play a vital and evolving role as cultural infrastructure, enabling artists not only to create and release music, but to build meaningful, lasting careers.
While the tools for self-distribution are more accessible than ever, the challenges of breaking through remain formidable. Navigating metadata systems, platform dynamics, global rights management, and saturated digital ecosystems requires substantial expertise. The nine independent labels profiled in this report offer a clear answer to those challenges: they provide the expertise, resources, and strategic support needed to develop talent, grow audiences, and sustain creativity across time. In doing so, they serve not just as intermediaries, but as long-term partners, advocates, and investors in music's future.
Drawing from detailed financial and operational data from nine ORCA member labels, this study provides clear, data-backed insight into the investment strategies, operational structures, and cultural contributions of independent record labels. Drawing from detailed financial and operational data from nine ORCA member labels, it documents $134 million in total investment in 2023 across the recorded music value chain. That investment supported the careers of 569 artists across genres and geographies, and comes alongside $239 million in revenues.
Lyra Pramuk
At an average of $236,197 invested per artist, the findings make clear that independent labels are not simply intermediaries; they are active, long-term partners who take meaningful financial and creative risks. The majority of label investment is directed not toward short-term commercial wins, but toward building the conditions necessary for sustainable careers, including robust internal teams, data systems, strategic marketing, and artist support networks. In doing so, independent labels act as cultural investors whose work powers artist development and sustains diversity and innovation in the broader music economy. As Ian Harrison, General Manager of Hopeless Records put it in the first ORCA report, “Indies are the first people to invest in an artist. Not just the first label to invest. They're usually the first party to invest anything significant. So when a band is just starting out, the indies are there to take a chance to invest some capital.”
The findings also demonstrate that the independent model is not only impactful, but equitable: 33.5% of all revenues ($79.9 million) flowed directly to artists, and participating labels were notable for their commitments to gender equity, workforce stability, and inclusive leadership.
When viewed through the lens of profit, the redistributive nature of this model is even more striking: for every dollar invested, labels generated $0.77 in profit after covering operating costs, and 77% of that profit ($0.59 per $1 invested) was distributed to artists. This reflects a structural commitment to directing the majority of economic value back to artists, rather than concentrating it at the top.
In an era of industry-wide transformation these findings offer a compelling counterpoint to narratives that devalue the work of labels. They reinforce that independent labels remain essential infrastructure in the digital music economy. As policymakers, funders, and cultural institutions seek to craft policies that ensure a healthy, diverse music sector, this report provides essential evidence. It makes visible the scale and structure of investment made by independent labels, and why that investment matters. It also contributes to ongoing policy conversations around the structure of the music industry and the fair distribution of revenue — particularly among key stakeholders such as artists, labels, publishers, and DSPs — while highlighting the need for targeted support measures like tax relief or derisking policies for cultural enterprises.