The report, which you can read further here, indicates that there’s already been a 6% increase in the number of vinyl shipments in the domestic market, which in turn has created a 12% revenue increase up to US $224.1 million. CD sales, on the other hand, have seemingly stagnated, with the RIAA report finding a minimum revenue growth of 0.8% with no increase in the amount of units shipped.
If this trend continues, the RIAA are predicting that vinyl sales will net US $253 million by the year’s end – whereas CDs will end up accounting for US $249.8 million. This means that vinyl is on track to outsell CDs for the first time since 1986, which is a monumental effort for a format that’s been around for so long.
However, it’s worth noting that these statistics are specific to the US music industry (although Australia has certainly enjoyed its own vinyl revival in recent years), and that vinyl still has a long way to go. The report states that the sale of vinyl records only accounts for 4% of overall revenues in the American market, while subscriptions to streaming services contributes a whopping 62% of revenue.
Regardless, it’s still quite remarkable to see the wax come back so strong, and it’s refreshing to see that so many people still value the sensation of buying music physically even in an age where it’s so easy to take it for granted.
Read the RIAA report in full here.