Vinyl Sales Charge Ahead In Historic Milestone
Sales of vinyl records have notched a historic milestone, outpacing compact discs for the first time since the 1980s with US$232 million in half-year sales across the US.
It follows a new report from the Recording Industry Association of America (RIAA), with vinyl sales trumping CD sales of US$130 million during the first half of 2020 – a format retained by die-hard audiophiles.
Both figures pale in comparison to the US$4.8 billion made by streaming services (e.g. Spotify) during H1Y20 however, reflects a changing tide in audiophile behaviour towards vinyl versus cheaper CDs.
According to the Nielsen Music and MRC data, vinyl record sales are in their fourteenth year of growth, and up a notable 45% since 2018.
Despite the impact of the coronavirus pandemic, vinyl sales spiked 4%, whilst CD sales slipped 48%, and physical sales as a whole dropped 23%.
Music streaming revenue continues to grow – up 12% for the first half of 2020 – with paid streaming subscriptions climbing 24% this year.