fans respond to exclusive deals, like Swift’s 12-hour January sale of limited-edition digital copies of, chief revenue officer of distributor CD Baby, calls the format a piece of virtual merchandise that is “a much more approachable version” of a non-fungible token.
So far, though, that hasn’t connected with listeners the way that physical formats have of late. According to the RIAA, cassette sales jumped 28.3% from 2021 to 2022, from 343,000 to 440,000. Vinyl’s growth has been well documented, rising 847% from 2012 to 2022. Year-over-year growth decelerated in 2022 to a modest 4.3%, rising from 41.7 million in 2021 to 43.5 million.
Overall sales of physical product are dwarfed by streaming, which accounted for 84% of the industry’s total 2021 revenue of $12.4 billion. But revenue for physical sales reversed a decline during the pandemic, rising in 2020 for the first time in 16 years from $1.1 billion in 2019 to $1.2 billion in 2020, then continuing to grow to $1.7 billion in 2021.
Fans can’t hang downloads on their walls, though, and the format continues to slide. “Not very important,” says, COO of top independent Secretly Group. “We still track it and sell it, but we don’t use that data meaningfully in budget discussions or anything like that.”
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