There are three major record labels that dominate the global music industry today: Universal Music Group (UMG), Sony Music Entertainment, and Warner Music Group (WMG). These companies are often referred to as "The Big Three" and collectively control about 70% of the world's music market.

Universal Music Group is the largest of the three, commanding approximately 32% of the global market share. Based in Santa Monica, California, UMG owns prestigious labels like Capitol Records, Republic Records, and Interscope Records.

Sony Music Entertainment ranks second, holding roughly 22% of the market share. Operating from New York City, Sony Music encompasses famous labels such as Columbia Records, RCA Records, and Epic Records.

Warner Music Group comes in third, controlling about 16% of the global market. WMG, headquartered in New York City, owns notable labels including Atlantic Records, Elektra Records, and Warner Records.

Before 2012, there were actually four major labels, with EMI being the fourth. However, EMI was acquired and split between Universal Music Group and Sony Music Entertainment, consolidating the industry into the current "Big Three" structure.

Independent record labels, often called "indies," make up the remaining 30% of the market. While these smaller labels don't individually command the same resources as the majors, they play a crucial role in discovering and developing new artists and genres.

The major labels maintain their dominance through:

Extensive distribution networks
Substantial marketing budgets
Advanced recording facilities
Established industry connections
Large catalogs of valuable music rights

It's worth noting that each major label operates numerous subsidiary labels, giving them an even broader reach across different music genres and markets. However, the core structure of three major labels has remained stable since 2012 and continues to shape the modern music industry.

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