Q1 2026 Market Share: REPUBLIC Leads, Atlantic Jumps to Second, Sony Narrows Gap On UMG By label ownership, the independent sector commanded more than 44% of the U.S. market in the first quarter of 2026, according to Billboard estimates based on Luminate data. From left: Zach Bryan, Swift, J. Cole, Olivia Dean and Bad Bunny. Illustration by Andrei Cojocaru. Bryan: Gus Stewart/Redferns. Swift: Gareth Cattermole/TAS24/Getty Images/TAS Rights Management. Cole: David Peters. Dean: Samir Hussein/WireImage.