This report presents new primary data from nine ORCA member labels, which together invested $134m and generated $239m in revenue in 2023.[1] Building on ORCA’s inaugural report, Resetting the Table: How Music Works, the results offer a deeper, data-driven look at how independent labels create value. Drawing from detailed financial, operational, and impact data, the report traces participating independent labels’ sustained investments in artists, staff, and infrastructure across the recorded music value chain, and examines the resulting commercial and cultural returns, measured in terms of revenue, artist income, and career development outcomes. It also considers how these investments influence the makeup of label teams, workplace practices, and commitments to equity and inclusion. This report is a snapshot of nine record labels; it does not comprise of, nor represent,  the entire independent record label community made up of tens of thousands of dedicated creative entrepreneurs supporting talent development worldwide. Instead, it is meant as a window into a broad ecosystem which is less known than it could be. Using ORCA member data, this report shows a clear example of how music is made and how capital is invested by independent labels.