Beggars & Domino

What we can learn from the success of the UK's high-performing indie labels.

In the trading year that ended August 2023, British-based indie label Domino’s revenues grew 39%. Based a few roads away from Domino’s head office in Wandsworth, fellow indie music group Beggars reported, in its 2023 accounts, global revenue growth of 14%, which exceeded £100MM for the first time since the firm was founded some decades ago.

Domino and Beggars are central to the independent music scene in the UK. They’re often perceived as quite traditional independent labels (with a focus on so-called “indie” music, an emphasis on physical sales, etc). Yet both labels have enjoyed consistent success through the growth of streaming consumption.

The current narrative about the recorded music business in the UK - where the drought in newly-broken artists appears to continue, just as US repertoire dominates the charts - suggests we have entered the eye of the storm of the Record Label …