According to the data I’ve looked at from Spotify, the big 3 labels are about 63% of their music, Merlin (which includes some actual small labels but also thing

According to the data I’ve looked at from Spotify, the big 3 labels are about 63% of their music, Merlin (which includes some actual small labels but also things like distrokid) is about 15%, and then there’s the rest. So the majority is the majors, but the other artists certainly could negotiate collaboratively if they wanted to.