The music industry is dominated by a small number of major record labels that control around 75% of the global music market. These major labels - Universal, Sony, and Warner - sign and develop artists, market and promote their music, and enforce copyright protections. While the major labels have significant financial resources, independent labels play an important role in developing new artists and genres but often struggle due to limited budgets. The future of the industry remains uncertain as digital technologies continue to disrupt traditional business models.