At the age of digital streaming of millions of songs, vinyl records still found a place for music lovers. According to a recent report from the Recording Industry Association of America, sales for vinyl records surpassed that of compact discs (CDs), the first time since 1986.
Vinyl Recordings vs. CDs
Furthermore, for the first six months of 2020, revenue for vinyl records is up by 4 percent. On the other hand, revenue for CDs saw a drop of 48 percent. Since 2005, vinyl continues to have an increase in sales.
For the first time since 1986, vinyl albums ▶️ CD’s (by 💲 ). While, #Covid19 was enormously difficult for record stores, overall vinyl sales for the first half of 2020 grew 4% despite decline in Q2. #RIAAMusicData https://t.co/1JOmXOckn9 pic.twitter.com/7SeZY5sIlp
— RIAA (@RIAA) September 10, 2020
But the revenue that vinyl recordings made still does not suffice to increase overall physical sales. As the pandemic still drags on, physical sales sank by 23 percent. It only made $376 million in the first half of 2020, per the RIAA.
From Vinyl to Digital, and Still Vinyl
Way back in the 1970s, most people accessed music through vinyl recordings. However, as technology advanced, so did the manner of bringing music to listeners. Tape cassettes entered the scene, and then the CDs. And more recently, most people consume the digital format of music. Nonetheless, fans still purchase vinyl records.
Those who buy vinyl prefer the higher quality of music produced by vinyl. Compare that to the compressed formats people consume digitally.
Streaming Music Remains King
Although the report also revealed that music streaming still dominates the market. It actually accounts for 85 percent of the overall revenue of the music industry. Paid music subscription earned $4.8 billion.
Furthermore, it also means brands like Spotify and Apple Music saw a 24 percent growth, proving that people will pay to listen to music. As a matter of fact, streaming also drove the rise in the total music sales, boosting by 5.6 percent.