For the first time since 1987, vinyl records outsell CDs, the Recording Industry Association of America said in a report that evaluated last year and was published last Thursday.
Vinyl records are back on the market
This is the 16th “consecutive year of vinyl growth, with 41 million albums sold, compared to 33 million CDs,” he explains. npr.org.
This would be the biggest growth boost for the music industry, accounting for 84 percent of recorded music revenue, but the physical music format has resurfaced in recent years amid so much technology.
Vinyl records outperform CDs
Vinyl records grew 17 percent to more than $1.2 billion for last year, accounting for nearly three-quarters of physically generated revenue from music. Instead, CDs fell 18 percent.
The study explains that the demand for vinyl records in the market increased with the pandemic, but was driven by young buyers. “Vinyl has become an important part of artists’ marketing campaigns,” explains the web portal.
artists with vinyl
Adele, Taylor Swift and Beyonce presented their albums on vinyl records, achieving a surge in meeting demand after years of decline.
“The fortunes of the recorded music industry began to improve in 2016 as streaming services grew, outpacing the decline in CD sales and online music piracy. Paid subscription services, including Spotify and Apple Music, generated $10.2 billion from 92 million paid subscribers in 2022, surpassing $10 billion for the first time,” according to the RIAA.
On the other hand, YouTube generated 1.8 billion dollars in advertising, achieving 11% of recorded music revenue.