According to the Recording Industry Association of America (RIAA), consumers bought 43 million vinyl records last year. This is 6 million more than the number of CDs sold in 2023. And this situation has been observed for the second year in a row since 1987. The statistics reflect the steady growth of vinyl sales for 17 years.
Vinyl, which tends to be more expensive than the new format, has also far outpaced CDs in terms of revenue. So, LP sales brought in $1.4 billion in revenue compared to $537 million from CDs. The RIAA report shows that CD revenue has also increased. At the same time, people actually bought about 700,000 fewer CDs in 2023 than the year before. Interestingly, almost half a million cassettes were sold last year.
At the same time, it is worth noting that in 2023, music streaming (paid subscriptions, digital radio, ad-supported services) brought in the most revenue — $14.4 billion or 84% of the total volume. This amount is a new record according to the RIAA. Physical music sales account for just 11%, while digital downloads and syncs provide just 5% of total revenue.
RIAA CEO Mitch Glazer noted that this year’s growth comes despite the “growing threat of generative artificial intelligence,” which the RIAA believes threatens the “dynamic growth and cultural reach” of music.
Source: The Verge
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