Vinyl records are experiencing a renaissance. In 2023, their sales in the US overtook CD sales for the first time since 1987. Ferra.ru reports this with reference to The Verge.
The Recording Industry Association of America (RIAA) reports that 43 million vinyl albums were sold last year, valued at 1,4 billion USD. That's 6 million units and 900 million USD more than CDs, which generated just 537 million USD in sales.
Despite the higher price, vinyl has shown steady growth in popularity for 17 years. Experts note that physical collections of audio recordings are once again becoming a cultural trend, especially among audiophiles and music lovers nostalgic for the past.
At the same time, CDs are gradually losing ground. In 2023, 700000 fewer CDs were sold than the year before. Modern cars and computers are often no longer equipped with appropriate drives, making this format less user-friendly.
Digital music formats continue to dominate the market, generating 84% of all industry revenue. In 2023, streaming subscriptions, radio services and advertising models generated a record 14,4 billion USD for the music industry.