According to a, US sales of vinyl records surpassed CDs for the first time since 1987 new report.
In 2022, just over 41 million records worth $1.2bn (£0.99bn) were sold. Only 33 million CDs were sold, which is worth $483 million.
It was the 16th consecutive year of record sales, accounting for approximately 71% of physical format revenue.
US recorded revenue grew for the seventh straight year, reaching a record $15.9 billion.
Overall, recorded music revenue grew 6% in 2022, mostly driven by streaming but also physical music format sales, according to the report released by the Recording Industry Association of America (RIAA).
The report found that revenues for physical music formats have risen steadily over the years, marked by a “remarkable resurgence” in 2021 after being dampened by Covid-19 in 2020. Total physical music revenue grew 4% last year, driven by vinyl records, which grew 17%. Meanwhile, CD revenue fell 18%.
Physical copies of music continued to outperform digital downloads, according to the report, which showed a further 20% drop in sales to $495 million. This is in stark contrast to the past popularity of digital downloads, which accounted for 43% of recorded music revenue in 2012. Since then, downloads have dropped – down to just 3% last year.
Streaming revenue, which includes “paid subscriptions, ad-supported services, digital and custom radio, social media platforms, digital fitness apps, and others,” rose 7% to a record high of $13.3 billion. It accounted for 84% of the total revenue.
Last year’s vinyl record sales show that vinyl is “consolidating its role as an integral part of the modern music market,” said Mitch Glazier, RIAA chairman and CEO, in a Medium post.
“Music lovers clearly can’t get enough of the high-quality sound and tangible connection with artists that vinyl delivers,” Glazier said, “and labels have precisely met that demand with a steady stream of exclusive, special reissues and beautifully designed packaging and discs.” .”
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