Vinyl records accounted for $ 232.1 million in music sales in the first half of the year, compared to CDs, which brought in just $ 129.9 million, according to a report by the Recording Industry Association of America.
Vinyl records, also known as “wax-pressed records”, were commonplace before other formats, such as cassettes and CDs, became the preferred way of listening to music. But that hasn’t stopped vinyl records from making a resurgence. Since 2005, vinyl sales have increased consecutively. In the first half of 2020, vinyl revenue grew 4%, while CD revenue declined 48%, according to the RIAA.
However, the interest in vinyl was not enough to keep physical sales from plummeting. Physical sales fell 23% to $ 376 million, in the first half of the year, as the pandemic continues to block music industry standards. Concerts and visits to music stores have all but disappeared.
Despite the slowdown in physical sales growth, music streaming continued to climb.
This makes streaming the dominant music format, accounting for over 85% of the music industry’s revenue.
So far, overall music industry sales have grown 5.6%, mostly through streaming, to a total of $ 5.7 billion in the first six months of this year alone.