Vinyl LPs are a more important physical format for music than CDs for the first time in more than 30 years, according to the latest revenue figures from the RIAA (pdf).
The supremacy of vinyl over CDs is the result of several factors.
While vinyl revenues have increased steadily over the last few years, CD revenues have plummeted.
Labels and artists have capitalized on the resurgence of vinyl to offer deluxe releases – including reissues, remasters and boxed sets.
Vinyl album revenues of $232 million were 62% of total physical revenues, marking the first time vinyl exceeded CDs for such a period since the 1980’s.
There was also significant impact from music retail and venue shutdown measures around Covid-19. Revenues from physical products of $376 million at estimated retail value for first half 2020 were down 23% year-over-year.
It’s also important to note that digital sales and streaming have made physical sales almost a footnote. Digital media now account for about 93% of music revenues.
What formats do you prefer for music? Leave a comment and let us know!