A new year-end report by the Recording Industry Association of America for 2022 has found that vinyl revenue in the US grew to $1.2 billion , a 17 per cent annual rise. For the first time since 1987, more vinyl records were sold than CDs: 41 million versus 33 million. CD revenue fell 18 per cent, to $483 million.
It’s the 16th year of consecutive revenue growth for vinyl in the US, but at 17 per cent, the rate of that growth is slowing. The RIAA reported that the market grew nearly 29 per cent in 2020, despite the Covid-19 pandemic impacting retail – that year, revenue from vinyl overtook CDs for the first time since 1986. In 2021, the vinyl market jumped by another 61 per cent.
Vinyl revenue is driven in part by targeting fans who are willing to pay premium prices for the much-coveted format, even if they do not actually play the albums: another US industry body, Luminate, found that in 2022 only 50 per cent of vinyl buyers own a record player. Luminate also found vinyl sales to be relatively flat during 2022, boosted by spikes during two Record Store Day events, the release of Taylor Swift’s Midnights, and the Christmas gifting period.
The paid downloads market continues to evaporate. Once accounting for 43 per cent of recorded music revenue, in 2012, it now accounts for just 3 per cent. – Guardian