combined — 22.6% In 2004, the joint venture of Sony and BMG created the 'Big Four' at a time the global market was estimated at $30–40 billion. Total annual unit sales (CDs, music videos, MP3s) in 2004 were 3 billion. Additionally, according to an IFPI report published in August 2005, the big four accounted for 71.7% of retail music sales: Universal Music Group—25.5% Sony BMG Music Entertainment—21.5% EMI Group—13.4% Warner Music Group—11.3% Independent labels combined—28.3% Nielsen SoundScan in their 2011 report noted that the "big four" controlled about 88% of the market: Universal Music Group (US based) — 29.85% Sony Music Entertainment (US based) — 29.29% Warner Music Group (US based) — 19.13% EMI Group — 9.62% Independent labels — 12.11% After the absorption of EMI by Sony Music Entertainment and Universal Music Group in December 2011 the "big three" were created and on January 8, 2013, after the merger there were layoffs of forty workers from EMI. European regulators forced Universal Music to spin off EMI assets which became the Parlophone Label Group which was acquired by Warner Music Group. Nielsen SoundScan issued a report in 2012, noting that these labels controlled 88.5% of the market, and further noted: Universal Music Group (US based) which owns EMI Music — 32.41% + 6.78% of EMI Group Sony Music Entertainment (US based) which owns publishing arm of EMI Group — 30.25% Warner Music Group— 19.15% Independent labels— 11.42% Note: the IFPI and Nielsen Soundscan use different methodologies, which makes their figures difficult to compare casually, and impossible to compare scientifically. Current Markets shares as of September 2018 are as follows: Warner Music Group — 25.1% Universal Music Group — 24.3% Sony Corporation — 22.1% Other — 28.5% The largest players in this industry own more than 100 subsidiary record labels or sublabels, each specializing in a certain market niche. Only the industry's most popular artists are signed directly to the major label. These companies account for more than half of US market share. However, this has fallen somewhat in recent years, as the new digital environment allows smaller labels to compete more effectively. Albums sales and market value Total album sales have declined in the early decades of the 21st century, leading some music critics to declare the death of the album. (For instance, the only albums that went platinum in the US in 2014 were the soundtrack to the Disney