The introduction of music streaming platforms like iTunes and Spotify has given individuals the ability to listen to virtually any amount of songs whenever they like. This doesn’t mean that physical media like vinyl has completely died off though.
In fact, according to the latest figures by the Recording Industry Association of America (RIAA), sales for vinyl records are gaining in popularity. According to reports from the Recording Industry Association of America, vinyl records have managed to outsell CD’s for the first time in since the 80’s, which is quite an impressive feat.
For the first time since 1986, vinyl albums ▶️ CD’s (by 💲 ). While, #Covid19 was enormously difficult for record stores, overall vinyl sales for the first half of 2020 grew 4% despite decline in Q2. #RIAAMusicData https://t.co/1JOmXOckn9 pic.twitter.com/7SeZY5sIlp
— RIAA (@RIAA) September 10, 2020
The RIAA reports that vinyl album sales rose by 4% from the first half of 2019, which equates to around $232 million in sales. This figure accounts for more than half of the total physical sales during that time, which decreased to $376 million. Streaming platforms however accounted for 85% of recorded music revenue at an eye-watering $4.8 billion.
The fact that physical media sales as a whole fell to $376 million simply shows how strong of a hold streaming platforms hold over the music industry. The reemergence of vinyl records does however seem to justify why certain companies like Sony Japan are getting back into the vinyl production business.
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