- According to the Recording Industry Association of America, sales of records surpassed CDs for the first time since 1987.
- While streaming remains overwhelmingly popular, physical music sales are experiencing an “amazing resurgence,” the RIAA said.
- According to Luminate, Taylor Swift, Harry Styles and Olivia Rodrigo have topped record sales this year.
It’s time to dust off your old turntables.Vinyl records are making a big comeback.
For the first time in more than 30 years, records surpassed CDs, according to the Recording Industry Association of America. annual earnings report.
A report released Thursday said 41 million records will be sold against 33 million CDs in 2022, highlighting the “amazing resurgence” of the physical music format. According to the RIAA, vinyl records accounted for 70% of his total physical music sales in 2022, bringing in a total of $1.2 billion in revenue.
Not since 1987 has vinyl taken the lead in physical music sales, after the rise of the CD revolutionized the way Americans consumed music. And while sales of both formats plummeted in the early years thanks to his streaming platforms like iTunes and Spotify, each has made a surprising comeback in recent years.
There appear to be several factors in vinyl’s resurgence, including increased interest among younger demographics such as Generation Z and millennials. Luminate 2022 Annual ReportGen Z listeners were 25% more likely to buy a vinyl record than the average music listener.
According to Luminate, Gen Z listeners are 25% more likely to buy a record than the average music listener.
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Jason McGuire, general manager of record label Stones Throw, said the pandemic has also played a role in vinyl’s resurgence as homebound Americans seek out new hobbies. Los Angeles Times January 2022.
“Many people were forced to work from home in the early days of the pandemic or received stimulus funds that they couldn’t spend on the same things they had before, so they lost their living spaces and things like turntables and hi-fi. I invested in a home listening setup,” said McGuire. “I think that’s still going on today, almost two years after the pandemic.”
Records are profitable and reaching new generations, but streaming still reigns supreme, accounting for 84% of total music revenue in 2022, according to the RIAA. Still, vinyl sales are on the rise despite supply issues and bottlenecks plaguing the industry, with companies struggling to meet demand.
“Everyone is in growth mode right now,” says Alex Cushing, co-founder of record production company Hand Drawn Pressing. told Grammy.com in July 2022.
According to Luminate’s report, record sales in 2022 were led by artists such as Taylor Swift, Harry Styles, and Olivia Rodrigo, who accounted for the top three highest-selling records. included classic rock artists such as Fleetwood Mac and The Beatles.
Swift, who released multiple versions of her album “Midnights” in October 2022, sold a total of 1.58 million records in one week. This is her biggest release in seven years, according to Luminate.