The Recovery of the Phonographic Industry and New Global Players
In the early 1960s, the majors’ market losses manifested themselves in lower market shares. However, this does not necessarily mean that the majors’ sales stagnated; the market volume nearly doubled between 1960 and 1969. It simply indicates that the majors’ growth rate was surpassed by that of the independent labels. In 1962, the U.S. music industry reached its lowest level of market concentration. The top four companies’ share of hits amounted to only 25%. The largest eight companies controlled 46% of the market.