Vinyl albums outsold compact discs for the first time since the 1980′s.
Not just by a little bit either. Vinyl album sales for the first half of the year were just over $232 million. Meanwhile, cds sold just under $130 million. Vinyl grew by 4% in the first half of 2020, while CD sales were down 48%. Overall, physical sales are down 23%, which isn’t surprising since everything is moving towards digital downloads and listening. Streaming is up 12%, and accounts for more than 85% of music industry revenue. The music industry is going strong with sales growth of 5.6% driven by online streaming for a total of $5.7 billion over the first six months of this year (and during a pandemic). Vinyl has seen a resurgence because it is considered hip and trendy at the moment and you can see that in the sales numbers.
What’s old is new again!
-- Doug O’Brien