Vinyl Records Surpass CD Sales For the First Time Since the 1980s

15 Septembre, 2020, 22:11 | Auteur: Christine Menetries
  • Image Pexels

Vinyl sales represented 62% of the physical total, marking the first time LPs have topped CDs since the '80s.

The latter is especially impressive, given the fact that quarantines throughout the US have surely shut down numerous independent record stores that are the lifeblood of vinyl as a format.

First-half music industry revenues increased 5.6% to $5.7 billion with paid streaming subscriptions fueling the growith, more than offsetting revenue declines in other areas of the US recorded music market, according to the RIAA's annual mid-year report. To put vinyl's resurgence into perspective, back in 2005 vinyl sales hit an all-time low of just $14.2 million.

Vinyl was the most popular way people listened to music throughout the 1970s and the early 1980s, at which point it gave way to tape cassettes - followed by CDs and digital formats. In the first half of 2020, vinyl revenue rose 4%, while CD revenue fell 48%, according to RIAA. Major physical retailers such as Urban Outfitters have played a key role in vinyl's continued growth, while the older generation of record stores have seen a revitalization that has helped to somewhat offset the dwindling interest in CDs. Concerts and visits to concerts are all gone.

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Streaming services brought in a total of $4.8b, a 12% boost over the first six months of previous year.

Regardless of the stunted development of bodily earnings, songs streaming has continued to flourish.

For streaming providers independently, more listeners are ready to pay to perform. RIAA reports that paid streaming service subscriptions such as Spotify and Apple Music have increased by 24%. That makes streaming the dominating music format, accounting for more than 85% of music industry revenue.

So far, overall music industry sales have grown 5.6%, mainly driven by streaming, totaling $ 5.7 billion in the first six months of this year alone.

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