According to the Recording Industry Association of America (RIAA), consumers bought 43 million vinyl records last year. This is 6 million more than the number of CDs sold in 2023. And this situation is observed for the second year in a row since 1987. The statistics reflect a steady increase in vinyl sales over the past 17 years.
Vinyl, which is usually more expensive than the newer format, has also significantly outpaced CDs in terms of revenue. Thus, sales of records brought in $1.4 billion in revenue compared to $537 million from CDs. The RIAA report shows that CD revenue has also increased. At the same time, in 2023, people actually bought about 700 thousand fewer CDs than a year earlier. Interestingly, almost half a million cassettes were sold last year.
At the same time, it is worth noting that in 2023, music streaming (paid subscriptions, digital radio, ad-supported services) brought in the most revenue – $14.4 billion or 84% of the total. This amount is a new record according to the RIAA. Sales of music on physical media account for only 11%, and digital downloads and synchronization account for only 5% of total revenue.
RIAA CEO Mitch Glazer noted that this year’s growth is occurring despite the «growing threat of generative artificial intelligence», which, according to the RIAA, threatens the «dynamic development and cultural reach» of music.
Source: The Verge