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

Records

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 USA recorded music market, according to the RIAA's annual mid-year report.

Sales of vinyl records surpassed those of CDs in the US for the first time since 1986, marking a key turning point for the format's nostalgia-fueled resurgence. In all of 2019, vinyl sales accounted for $224.1 million worth of sales, which 2020 has already eclipsed halfway through the year.

Vinyl records, also known as "records pressed on wax", were commonplace before other formats, such as cassette tapes and CDs, become the preferred mode of listening to music.

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Yet vinyl sales have been rising since 2005, when they bottomed out at just $14.2 million. But that has not stopped vinyl records out of creating a resurgence. 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. Physical sales plunged 23% to $376 million, in the first half of th eyear as the pandemic continues to stall music industry norms. Concerts and visits to concerts are all gone. This is old news, of course-streaming has been the dominant force in the music industry more more than a decade. Paid streaming service subscriptions, such as Spotify and Apple Music, increased by 24%, RIAAreported. Overall revenue of paid streaming, ad-supported streaming and streaming radio was up 12% to more than $4.8 billion in the first half of 2020, as listeners stuck at home have been making use of these services more than ever.

So much, entire music industry earnings have risen 5.6 percent, largely driven by flowing, for a total of 5.7 billion during the first six months of the calendar year, independently.

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