Vinyl records, also known as “wax-printed records”, were commonplace before other formats, such as cassettes and CDs, became the preferred way to listen to music. But that didn’t stop vinyl records from being reborn. Since 2005, vinyl sales have progressively increased. In the first half of 2020, vinyl revenues increased 4%, while CD revenues fell 48%, according to the RIAA.
However, the increase in interest in vinyl was not enough to prevent physical sales from falling. Physical sales plunged 23% to $ 376 million in the first half of the year as the pandemic continues to block music industry regulations. Concerts and visits to music shops have almost disappeared.
Streaming, which includes revenue from paid streaming, ad-supported streaming, and streaming radio, grew 1
For streaming services alone, more listeners have been willing to pay to play. Subscriptions to paid streaming services, such as Spotify and Apple Music, increased by 24%, RIAA reported.
This makes streaming the dominant music format, accounting for over 85% of the music industry’s revenue.
So far, overall music industry sales have grown 5.6%, mostly driven by streaming, to a total of $ 5.7 billion in the first six months of this year alone.