European regulators have approved Universal’s $1.9 billion takeover of EMI, creating one music label that now controls 40% of the music market. Sony and Warner Music Group are music’s other two major labels, and between them and Universal’s new powerhouse, they split 90% of all recorded music, with the other 10% being shuffled around on smaller labels. The merger had many people upset, complaining that Universal’s power grab will lead to a loss of consumer choice and artist innovation. Although, in all likelihood, the takeover could lead to a lot more creativity in the ways people download music illegally …
