[hughesjj]

By number sure but by volume no, UMG/Sony/WMG etc are not owned by Musicians.

Indie labels and the occasional hit independent label like Def Row/TDE are small in comparison and usually only include the owning musicians established music, not their beginnings. Bands often have to fight to buy back rights for that kinda stuff.

Interscope, Reprise, etc are all owned by the big three. Interscope wasn't even founded by artists.

Also labels (like Def Row and Reprise) often sell out to the big three, so even if you sign to one of them when they're independent, that won't mean it'll last forever and you as an artist won't get veto over that.