For the first time since 1986, Vinyl to outsell CDs again.
According to reports from the Recording Industry Association of America (RIAA), 2019 figures to be the year when vinyl would finally complete a full circle. However, the report says that Compact Discs (CDs) still outsell long plays in terms of the number of units. Although CD sales are likewise dropping at an alarming rate due to the effects of digital music affordability.
The RIAA reports that vinyl records sales brought in close to $225 Million in revenue during the first half of 2019. Notably, more than 8.6 million vinyl records were sold during this time. In comparison, the report also states that CD sales raked in almost $248 Million for the industry. Despite the slight advantage, however, the big difference here is the number of units sold. Apparently, it needed close to 19 million CD units to reach that amount.
Vinyl and CDs are still outpaced by Tech
With the availability of tech, CD sales have already started dropping at a whopping rate. Apparently, CD sales have already been on a downward trend for almost a decade. However, vinyl, being more of a hobbyist collection than a preferred music consumption, rise.
Although sales of physical copies of music products such as CDs and vinyl-only account for a rather small amount in the grand industry of music consumption. Notably, online music streaming platforms now account for the lion’s share in terms of paid music services. Particularly, the digital sphere accounts for a mind-bending 80% of the industry’s total earnings. Additionally, reports project that such platforms would only continue to grow every year. Actually, it has already surpassed its earnings from the same time last year by more than 26%. Essentially, its $4.3 billion earnings for the first half of 2019 effectively dwarfs the sales from vinyl and CDs.