Merlin boss Charles Caldas has warned against a “dangerous dynamic” created by the major labels' continuing acquisition of distribution companies.

Pointing to Universal Music Group in particular, Caldas envisaged a situation where majors are competitors to independent labels but also the gatekeepers to key digital distributors in certain territories.

“The fact that UMG is a proprietor in recently launched streaming services in Africa and Australia means that they are not only competitors, but potentially also our retailers, benefiting incrementally every ...