Vinyl Records Have Outsold CDs For The First Time In Decades
Provided By - Video Elephant on September 14, 2020
Vinyl records have outsold CDs in the United States for the first time since the 1980s.
This is according to a new report from the Recording Industry Association of America.
The report revealed that vinyl record sales accounted for $232.1 million, while CDs brought in just $129.9 million.
However, vinyl records still only accounted for just 4% of total recorded music revenue.
Overall, physical sales dropped by 23% to $376 million during the first half of the year.
This is largely due to concerts being canceled and music shops closing because of the coronavirus pandemic.
Streaming made up 85% of revenue, generating $4.8 billion in the first half of 2020.
More music fans are willing to pay for premium services to stream music ad-free.
The number of people paying for such a service increased from 58.2 million in the first half of 2019 to 72.1 million in 2020.
The recorded music industry brought in a total of $5.7 billion in sales during the first six months of 2020