"There's a long chain of people who benefit from artists making records." Nabil Ayers, the US president of Beggars Group, talks about independent artistry and how we fix a broken music economy. The independent music economy is broken. But Nabil Ayers, US President of Beggars Group—the home of independent labels 4AD, Matador Records, Rough Trade Records, XL Recordings and Young—is here to fix in. In this Exchange, he speaks with RA senior editor Nyshka Chandran about the primary issues plaguing the industry. But he also expertly articulates his efforts to address these shortcomings through research and policy initiatives from the top down. How can artists get paid more money in a world where music is a common good? And what is the role of an independent label in 2025 and beyond? Listen to the episode in full. -Chloe Lula