The vinyl record industry made headlines last year by outselling CDs worldwide for the first time since 1987, and this year has seen that trend continue. The Recording Industry Association of America (RIAA) has revealed that vinyl outsold CDs in 2023, with 43 million vinyl units moved to CDs’ 37 million.
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For comparison, last year saw 41 million vinyl sales and 33 million CD sales. Do you see a trend? Yes, this means that even as on-demand streaming of music has become the norm, physical music sales continue to grow year over year. The RIAA reports that revenue has grown for both mediums, combining for a total of $1.4 billion. Also of note is the fact that this year’s figures see vinyl continue its 17-year streak of sales growth.
Even though streaming currently makes up 84% of recorded music revenue, those wanting a physical media experience continue to gravitate towards vinyl for its rich, warm sound, as well as its novelty. Musical artists have found a niche in limited-edition vinyl album drops, harkening back to a time when such records carried an air of exclusivity. These trends show no signs of stopping, so I wouldn’t be surprised to see even bigger growth in the physical music realm next year.
