According to reports from the Recording Industry Association of America (RIAA), vinyl albums have for the first time outsold CDs in the USA since the 1980s.
A study on the first half of 2020 in the electronic music industry reads: “Vinyl album revenues of $232 m was 62 per cent of all physical revenues, marking the first time that vinyl surpassed CDs for such a period since the 1980s.” The study noted that vinyl albums accounted for just 4 percent of all popular music revenue.
Streaming continues to heighten its industry supremacy. It accounted for 85% of sales in the first half of 2020, raising $4.8billion compared to $4.3billion in the same timeframe last year when its share was 80%. Digital purchases currently reflect only 6 percent of sales.
Vinyl albums rise again
US listeners are now steadily able to pay for premium music ad-free streaming options, expanding from 58.2 m in the first half of 2019 to 72.1 m in the same timeframe this year.
The appeal of vinyl has continued to rise in the UK, with sales increasing by 4.1 percent in 2019 relative to the previous year, although the growth rate declined in the middle of the last decade after the “vinyl revolution” boom.
But the vinyl curiosity increase wasn’t enough to save physical sales from slipping. Print revenue fell to $376 million by 23 percent in the first half of the year. As the pandemic appears to stagnate music business levels. Concerts and music store tours have all but gone down.
The music streaming has continued to flourish considering the stunted rise in retail sales. Streaming, which includes revenue from paying streaming, ad-supported streaming and streaming radio. It rose 12 per cent over the first six months of 2020 to $4.8 billion, RIAA reported.
More listeners were able to pay to play with the streaming services only. Paying streaming service subscriptions, such as Spotify and Apple Music, went up 24 percent, according to RIAA. That makes streaming the dominant music format, accounting for over 85 per cent of revenue from the music industry.
So far, sales in the music industry have grown by 5.6 percent. Driven mainly by streaming, alone for a total of $5.7 billion during this year’s first six months.