Merlin . . . the 5th major?

Twelve thousand indie labels have banded together to form Voltron! Ahem, no . . . they've banded together to form a virtual label called Merlin in order to gain some heavy bargaining power with the majors. According to Ars Technica indies produce 80 percent of the world's music, which is strange, because I was always under the impression that the majors owned about 80 percent of the world's recorded music.