Despite the abundance of platforms for digital music, either through digital storefronts or streaming services, there still seems to be a soft spot when it comes to physical formats. While we’re not seeing cassette tapes being revived anytime soon, vinyl seems to be gaining in popularity once again.
In fact, according to the latest numbers by the Recording Industry Association of America, they are claiming that for the first time since the 1980s, vinyl has actually managed to outsell CDs. To be fair, CD sales have kind of been low ever since digital formats were introduced, but to see an even older format revive and gain steam in this day and age is impressive.
According to the RIAA, vinyl album sales rose by 4% from the first half of 2019 and now accounts for $232 million in sales, which accounts for more than half of total physical sales which fell to $376 million. This by no means indicates that vinyl will replace digital music anytime soon, but it does seem to justify how some businesses are getting back into vinyl production.
As for streaming, it doesn’t come as a surprise to learn that it is leading the pack where it accounted for 85% of recorded music revenue at a whopping $4.8 billion.