Currently the music industry consists of record labels and musicians who are owned by these record labels that are making money by producing, advertising and selling their music . This is done through advertisement and promotion of upcoming albums or singles, music videos that aim to please the viewer visually to get them to buy the product. This is also done through things such as concerts and promotional tours, endorsements that may be related to the product but most specifically the artist such as perfumes, video games, posters or other merchandise that the artist tend to charge a ridiculous amount of money for. Today, The music industry consists of three major record labels which are know as "The Big 3".
- Universal Music Group owns a music publisher, Universal Music Publishing Group, which became the world's largest since the year 2007. UMG owns record labels such as Interscope, The Island Def Jam Group, Virgin Music Group and a couple of other successful labels.
- Sony Music Entertainment (sometimes abbreviated to SME or simply called Sony Music) is the second-largest global recorded music company of the "big three" record companies and is controlled by Sony Corporation of America. Some of the labels that are under Sony Music are Colombia Records, Epic Records and Mercury Records.
- Finally, Warner Music Group (WMG) is a US-based conglomerate and it is the third largest in the recording industry and one of the big three record companies. The labels that are under WMG are Atlantic Records Group, Warner Bros and Records Group amongst many more.
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