(credit: Sony)
Sales of vinyl records have been on the rise for years, but according to the RIAA's 2022 year-end revenue report for the music industry (PDF), record sales hit a new high last year. For the first time since 1987, unit sales of vinyl albums outpaced those of CDs, vindicating all the people who have spent decades of their lives talking about how vinyl "just sounds better."
Although vinyl unit sales only surpassed CDs last year, revenue from vinyl records has been higher than revenue from CDs for a while now. In 2022, vinyl albums earned $1.2 billion, compared to $483 million for CDs. The growth in vinyl was more than enough to offset a drop in CD revenue, helping overall physical media revenue climb 4 percent over 2021 (which was already way up over 2020).
Growth in vinyl revenue was more than enough to offset a drop in revenue from CDs. Vinyl unit sales have surpassed CD unit sales for the first time since 1987. (credit: RIAA)
Streaming services still account for the vast majority of all music revenue in the US—84 percent, up from 83 percent in 2021. The RIAA says there was an average of 92 million streaming music subscriptions active in 2022, which, together with digital radio and ad-supported sites like YouTube, generated $13.3 billion. The growth of streaming services and physical media comes at the expense of paid digital downloads, which accounted for a mere 3 percent of all music revenue in 2022.
Read 3 remaining paragraphs | Comments
(credit: Sony)
Sales of vinyl records have been on the rise for years, but according to the RIAA's 2022 year-end revenue report for the music industry (PDF), record sales hit a new high last year. For the first time since 1987, unit sales of vinyl albums outpaced those of CDs, vindicating all the people who have spent decades of their lives talking about how vinyl "just sounds better."
Although vinyl unit sales only surpassed CDs last year, revenue from vinyl records has been higher than revenue from CDs for a while now. In 2022, vinyl albums earned $1.2 billion, compared to $483 million for CDs. The growth in vinyl was more than enough to offset a drop in CD revenue, helping overall physical media revenue climb 4 percent over 2021 (which was already way up over 2020).
Growth in vinyl revenue was more than enough to offset a drop in revenue from CDs. Vinyl unit sales have surpassed CD unit sales for the first time since 1987. (credit: RIAA)
Streaming services still account for the vast majority of all music revenue in the US—84 percent, up from 83 percent in 2021. The RIAA says there was an average of 92 million streaming music subscriptions active in 2022, which, together with digital radio and ad-supported sites like YouTube, generated $13.3 billion. The growth of streaming services and physical media comes at the expense of paid digital downloads, which accounted for a mere 3 percent of all music revenue in 2022.
Read 3 remaining paragraphs | Comments
March 10, 2023 at 11:25PM
Post a Comment