The two projects from the popular artists helped curate a shift regarding the record label market rankings for the first three months of 2023.
After spending weeks on the Billboard 200 chart, SZA’s SOS (RCA) and Morgan Wallen’s One Things at a Time (Republic) have been game-changers in the Q1 2023 record label market rankings and, in turn, have provided great traction to their respective individual labels. As much was highlighted in Billboard’s full breakdown of the first quarter, posted on Tuesday.
After a strong first quarter, Republic Records is the individual label leader with a 12.45% mark of the current market share (albums released in the last 18 months), beating out the second-highest label by five percentage points. Many albums released by Republic artists in Q4 2022 like Taylor Swift, Metro Boomin, and Drake & 21 Savage are among those whose albums sit in the top 10 most consumed projects so far in 2023. But still, it’s Wallen’s project that is setting the pace for RR, so much so that it boosted the company’s single-week current market share from 9.76% the week before it came out to 18.14% after its debut.
For RCA, owned by Sony, the massive success of SZA’s second studio album, which charted at the top of Billboard 200 for eight nonconsecutive weeks in 2023, caused the label’s rise and catapulted its status in the industry through Q1 2023. The label received a 4.34% increase from this time last year for a current market share of 5.76% to place them fifth behind the Sony sister label Columbia (5.85%). This is notable, as RCA typically never competes with such companies, but thanks to first-quarter success from artists like Miley Cyrus, the company is reaping the benefits.
| Major Label Company | Overall Market Share | Individual Label Company | Overall Market Share |
| Universal Music Group | 37.65% | Interscope/Geffen/A&M | 9.44% |
| Sony Music Group | 27.62% | Republic Records | 9.16% |
| Warner Music Group | 18.55% | Atlantic Records | 8.31% |
| Indies | 16.18% | Capitol Music Group | 6.68% |
| Major Label Company | Current Market Share | Individual Label Company | Current Market Share |
| Universal Music Group | 33.59% | Republic Records | 12.45% |
| Sony Music Group | 28.46% | Interscope/Geffen/A&M | 7.75% |
| Indies | 21.15% | Atlantic Records | 7.22% |
| Warner Music Group | 16.81% | Columbia Records | 5.85% |
More Music Stories:
All Confirmed Speakers and Panelists for Boardroom & CNBC’s Game Plan Event
As we gear up for this summer’s Game Plan conference in Los Angeles, get to know the leaders shaping the conversation. In a first-of-its-kind partnership, CNBC, First in Business Worldwide, and Boardroom, Kevin Durant…
Spotify Confirms Layoffs As Part of Podcast Division Restructure
The media giant also announced plans to merge its Parcast and Gimlet media entities into one Spotify Studios unit as part of the company’s “strategic realignment.”…
Get on our list for weekly sports business, industry trends, interviews, and more.
