Vinyl has seen a resurgence in recent years, while CD sales have continued to decline… and according to a recent Record Industry Association of America (RIAA) report, records have finally outsold CDs – for the first time since 1986.
The data shows records accounted for $232.1 million of music sales in the first six months of 2020, while CDs brought in only $129.9 million.
While impressive, overall physical music sales dropped by 23% in the first half of the year (partly due to the pandemic).
However, digital sales also saw a decrease in profit, accounting for $351 million — a 22% decline from 2019.
Unsurprisingly, streaming continues to reign supreme and has accounted for 85% of total revenue so far this year, with subscriptions up 24% and overall revenue up 14%.
In total, music business revenue increased by 5.6%.
“These are historically difficult times: the live music sector is shut down; studio recording is limited, and millions are out of work across the broader economy,” RIAA chairman and CEO Mitch Glazier said in a statement.
“Despite all the challenges from the pandemic, one thing clearly hasn’t changed – fans still love music.”
iHeartRadio
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