US Vinyl record sales exceed CDs in a first since 1987
While streaming revenue for recorded music accounts for 84% of revenue, vinyl records sale has exceeded CDs for the first time since 1987.
For the first time since 1987, vinyl sales exceeded CDs', as 41 million vinyl records were sold in the US in contrast with 33 million CDs, according to a new report by the Recording Industry Association of America (RIAA).
Vinyl record sales outperformed CD sales in 2022 as the former marked gains of about $1.2 billion, while the latter scored only $483 million in profits.
It was the 16th straight year of growth for record sales, which accounted for almost 71% of physical format income.
For the seventh consecutive year, recorded music revenue in the US grew to reach a record high of $15.9bn.
The RIAA report indicated that in 2022, recorded music increased by 6% and was largely driven by streaming as well as physical music format sales.
The physical music format revenue has increased steadily throughout the years, according to the report, however, in 2021 there was a "remarkable resurgence". It is worth noting that the surge occurred following the 2020 Covid-19 era, which silenced physical form music revenues.
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Vinyl record sales increased by 17% while CD revenues fell by 18% at a time when the total revenue for physical music increased by 4%.
A record-high $13.3 billion in revenue came as a result of streaming, which includes "paid subscriptions, ad-supported services, digital and customized radio, social media platforms, digital fitness apps, and others." Streaming accounted for a total of 84% of the total revenues.
RIAA Chairman and CEO Mitch Glazier said in a post on Medium that vinyl record sales from 2022 are "cementing its role as a fixture of the modern music marketplace," adding that "music lovers clearly can't get enough of the high-quality sound and tangible connection to artists vinyl delivers, and labels have squarely met that demand with a steady stream of exclusives, special reissues, and beautifully crafted packages and discs."