Universal Music Group is the largest music corporation in the world. It is a subsidiary of Vivendi and owns Universal Music Publishing Group, the second largest music publishing company. UMG has global headquarters in California and leads the music industry with over 30% of the current album market share. In contrast, XL Recordings is a smaller independent British label owned by Richard Russell that was founded in 1989 as a spin-off of Beggars Banquet Records. Though XL only releases around 6 albums per year, it has worked with popular artists like Adele, Beck, Radiohead, and The White Stripes.