Vinyl records have outsold CDs in the US for the first time since 1987, according to the Recording Industry Association of America’s (RIAA) annual revenue report. Vinyl sales reached 41 million units last year, compared to 33 million for CDs.
BeatCurry Team
Vinyl has consistently increased in sales for the last 16 years and accounted for 71% of all physical music format revenue in the US last year. Vinyl sales generated $1.2 billion, experiencing a 17% increase in sales compared to the previous year, while CD sales plummeted by 18% in 2022. The Entertainment Retailers Association (ERA) reported the same milestone earlier this year, though its figures only referenced UK sales data. Renewed interest in the format has also taken hold outside of the UK and the US, with sales growth similarly reported across Germany, Japan, and South Korea.
Vinyl has become more mainstream, no longer just a niche hobby for dads and hipsters. Many audiophiles claim the format provides a warmer, more authentic sound compared to digital. Nostalgia also plays a part for those who lived through the golden age of vinyl, but younger generations are driving sales too, praising the format’s tangibility and artwork. Artists for the Gen-Z and millennial demographic made up a significant number of record sales in 2022. Taylor Swift was the highest-selling artist last year, selling almost 1.7 million vinyl records alone — more than Harry Styles (719,000 sales) and The Beatles (553,000 sales) combined, according to Luminate’s year-end sales report.
While vinyl has made an impressive comeback, streaming still reigns supreme. Music streaming services like Spotify and Apple Music accounted for 84% of total music revenue in 2022, according to the RIAA report. Digital download sales, however, continue to decline, plummeting by 20% this year to just $495 million, having already fallen by 12% in 2021. Despite the popularity of digital music, at the end of the day, the customer shall always turn to streaming apps because of their convenience and ease of use.
Vinyl offers an alternative physical format that consumers are willing to pay a premium for. Vinyl’s growth has also created opportunities for independent record stores, which have seen a resurgence in recent years. The pandemic has also played a role in driving vinyl sales, as people spent more time at home and looked for new ways to experience music. Vinyl offers a tactile and immersive experience that is different from streaming or digital downloads. From a sustainability standpoint, vinyl records are made from PVC, which is a type of plastic, but they are durable and can last for decades if cared for properly. CDs, on the other hand, are made from polycarbonate, which is also a type of plastic but is less durable and can degrade over time. Digital downloads, while not physical, still have an environmental impact, as they require energy to produce and store on servers.
Vinyl’s success is not without its challenges, however. The format requires specialized equipment to play, which can be expensive and difficult to find. Vinyl records are also more fragile than CDs or digital downloads and can be easily damaged if not handled properly. Vinyl’s growth has also led to supply chain issues, as record manufacturers struggle to keep up with demand. This has led to delays in vinyl production and longer wait times for consumers.
In conclusion, vinyl’s resurgence is a sign that physical media still has a place in the music industry. Despite the growth of digital streaming services, many consumers still appreciate the tangible experience of owning a physical copy of their favorite album. For some, the sound quality of vinyl is superior to that of digital formats, while for others it is the nostalgia factor that draws them to the format. Additionally, the artwork and packaging of vinyl records can be seen as a form of art in itself, adding to the overall experience of owning physical media.
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