The combined global recorded-music market share of independent labels grew in 2011 from 23.2% to 25.2%, according to research published by Music & Copyright. Combining physical and digital sales, it claims UMG’s share slipped from 28.7% to 27.9%, while Sony Music Entertainment fell from 23% to 21.9%. WMG grew slightly from 14.9% to 15.1%, but EMI dipped from 10.2% to 9.9%. So, the order remains unchanged, but Music & Copyright identifies “The Adele effect” as one reason for the independents’ gain. “Although these results suggest the indie sector is fighting back against the majors, one big indie success doesn’t really prove one way or another if there is enough competition in the recorded-music industry,” says analyst Simon Dyson. Meanwhile, UMPG remains the largest individual publisher with a 22.2% market share, ahead of EMI (19.3%), Warner Chappell (14.1%) and Sony/ATV (11.7%), but independents took a 32.6% combined share of the global publishing market in 2011.