Trending on Billboard In times of upheaval, there is always opportunity — a condition that aptly describes the past year in the indie sector of the music business. Across the industry, there has been change: in leadership, in ownership, in distribution, in what it means to be independent and in creative control. And at the same time, the indie world is thriving. Some of the biggest artists in the world — like this issue’s cover subject, RAYE — are independent; the industry’s biggest deals are being made by independent companies, like France’s Believe, preparing for its much-vaunted entry into the United States; and by label ownership, independents made up 44.15% of the U.S. recorded-music industry in the first quarter of 2026, a figure nearly twice as high as any major company. As the tectonic plates of the business continue to shift, one thing is clear: It’s good to be indie.…