This document discusses the history and structure of major music record labels from 1988 to present. It notes that from 1988-1999 there were six major labels known as the Big Six, which consolidated to the Big Five from 1999-2004, the Big Four from 2004-2008 and 2012, and the Big Three since 2012. It explains that record labels are often owned by larger holding companies which also control music publishing, manufacturing, distribution and other aspects of the music industry. Major labels currently control about 70% of the global music market and 80% of the US market.