These are the 4 major companies which dominate the record industry and own the most market share. Together they make up 81.87% of the record industry, independent labels (ones which are not bound by the contracts of the major ones) make up the remaining 18.13% of the industries market share.
The independent labels are ones where everything is done by itself, they don't rely on other factors to produce their content and they usually specialise in certain genres of music which have a niche audience. Artists may choose to go with an independent label rather than a major label since major label's main interest is to make money, whereas musicians interests are with making music. These incentives can sometimes conflict and result in difficulties between the two parties.
Convergence is something that happens within the industry and means that music can be promoted across multiple platforms, such as film, TV, magazines, games, etc. This can beneficial for both the music artist and the platform which it's being promoted on as both of them gain promotion from the convergence.
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