Simplify the following text for a Grade 12 native English-speaking person.
Original: In the 1970s and 1980s , there was a phase of consolidation in the record industry that led to almost all major labels being owned by a very few multinational companies , who in turn were members of the RIAA .
Simplified: In the 1970s and 1980s , there was a phase of consolidation in the record industry that led to almost all major labels being owned by a very few multinational companies .