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. This situation has been observed for the second year in a row since 1987. The statistics reflect a steady growth in vinyl sales over 17 years.
Vinyl, which is usually more expensive than the newer format, also significantly outperformed CDs in terms of revenue. Vinyl sales brought in $1.4 billion compared to $537 million from CDs. The RIAA report shows that CD revenue also grew. At the same time, in 2023, people actually bought about 700 thousand fewer CDs than the previous year. Interestingly, almost half a million cassettes were sold last year.
At the same time, it is worth noting that in 2023, streaming music brought in the most revenue (paid subscriptions, digital radio, ad-supported services) - $14.4 billion or 84% of the total volume. This amount is a new record according to the RIAA. Sales of music on physical media accounted for only 11%, and digital downloads and synchronization accounted for only 5% of total revenue.
RIAA CEO Mitch Glazier noted that this year there is growth despite the "growing threat of generative artificial intelligence," which, according to the RIAA, threatens the "dynamic development and cultural coverage" of music.
Source: The Verge
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