Physical media resurgence continues as vinyl rakes in more revenue
Not only are vinyl records outselling CDs, but they’re also generating more revenue, according to a new report by the Recording Industry Association of America (RIAA).
Music fans snapped up a whopping 43 million vinyl LPs in 2023, beating out CDs by a cool 6 million units. This isn’t just a one-year blip – it marks the second consecutive year vinyl has outsold its digital disc rival.
The resurgence of vinyl goes beyond just unit sales. Record players are turning tables on CDs in terms of revenue as well. Vinyl raked in a hefty $1.4 billion compared to CDs’ $537 million.
This vinyl resurgence is a remarkable comeback story. Since 1987, CDs reigned supreme. However, the past 17 years have seen a steady rise in vinyl’s popularity, demonstrating a continued appreciation for the physical format even in the age of streaming.
Speaking of streaming, it remains the king of the music industry, accounting for a whopping 84% of total revenue. While CDs might be fading, cassette tapes held on with nearly half a million units sold in 2023.
