There are currently three major record labels that dominate the global music industry: Universal Music Group, Sony Music Entertainment, and Warner Music Group. Together, these companies control approximately 70% of the world's recorded music market.

Universal Music Group (UMG) is the largest of the three, commanding roughly 32% of the global market share. Based in Santa Monica, California, UMG owns numerous prestigious subsidiary labels including Capitol Records, Def Jam Recordings, and Republic Records.

Sony Music Entertainment holds the second position with approximately 22% of the market share. Operating from New York City, Sony Music encompasses well-known labels such as Columbia Records, RCA Records, and Epic Records.

Warner Music Group rounds out the "Big Three" with about 16% of the market share. Headquartered in New York City, Warner's notable subsidiaries include Atlantic Records, Elektra Records, and Warner Records.

Prior to 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 three-label structure.

These major labels handle: - Recording contracts - Music distribution - Marketing and promotion - Publishing rights - Artist development

While independent labels have gained significant ground in recent years thanks to digital distribution and streaming platforms, the Big Three continue to dominate mainstream music production and distribution. They maintain extensive catalogs of both current and historic recordings, representing many of the world's most successful recording artists.

The remaining 30% of the market consists of independent labels, often called "indies," which range from small boutique operations to larger independent companies like Beggars Group and BMG.

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