According to statistics, this was the first time for vinyl records to outsell CD’s since 1987
As CD’s (Compact Discs) continue to become obsolete, Vinyl discs seem to be coming into trend, as Vinyl Records go on to make more sales than CD’s in 2022. According to data, the last time this happened was in 1987.
A significant achievement for the good ol’ vinyl, this win over CD’s is possibly indicating an increasing demand for vinyl records primarily driven because of their amazing vintage look and feel.
Data suggests that a total of 41 million vinyl records were sold throughout 2022, earning a record revenue of $1.2 billion. On the other hand, only 33 million CDs were sold throughout the year, bringing in $483 million in revenue.
While CD sales continue to go down with each passing year, the demand for vinyl records has been gradually increasing over the past 16 years. Apart from the demand for vinyl records, the demand for physical music formats is also on the rise after facing a decline during the COVID-19 virus.
It is being said that the physical music industry went up by 4% in 2021, making it a “remarkable resurgence” after the COVID-19 virus. During the same time frame, vinyl record sales also went up by a whooping 17%.
Despite noticing an upward trend over the last two years, the physical music industry stands far behind the point it once held. A majority of the music market revenue, around 84% now comes from streaming platforms, which includes “paid subscriptions, ad-supported services, digital and customized radio, social media platforms, digital fitness apps and others.”
While not enormous, the demand for vinyl records have been significantly better than that of CDs or even digital downloads. “Vinyl is cementing its role as a fixture of the modern music marketplace.” wrote RIAA Chairman and CEO Mitch Glazier while talking about the increasing vinyl demand.
“Music lovers clearly can’t get enough of the high-quality sound and tangible connection to artists vinyl delivers and labels have squarely met that demand with a steady stream of exclusives, special reissues, and beautifully crafted packages and discs,” he added.
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