For discussion here, the number of labels is irrelevant: only their market share. UMG alone has 38% of the entire record label market share. Its annual revenu

For discussion here, the number of labels is irrelevant: only their market share. UMG alone has 38% of the entire record label market share. Its annual revenue is more than the entire revenue of all independent record labels combined. AFAIK the lion's share of the market is held by the top ten labels, none of whom have the musician's best interest at heart. So yes, it's reasonable to say that labels generally don't represent musicians.