The music industry is dominated by four major record labels - Sony Music Entertainment, EMI, Universal, and Warner. These "big four" control over 70% of the global music market and operate as an oligopoly. As large conglomerates, the major labels have numerous subsidiary companies that deal with niche genres and can cross-promote artists across different divisions. Independent labels specialize in particular genres and may cater to smaller audiences, but offer artists more creative freedom and control over their work.