In a world where music streaming services are dominating the music industry, vinyl records have made a remarkable comeback. The Recording Industry Association of America (RIAA) released their 2022 Year-End Music Industry Revenue Report, which revealed that vinyl sales have grown for the sixteenth consecutive year. With a revenue of $1.2 billion, vinyl records accounted for 71% of physical format revenues.
While physical music formats, such as CDs, have seen a decline in revenue, vinyl sales have continued to grow. In fact, for the first time since 1987, vinyl albums outsold CDs in units, with 41 million vinyl albums sold versus 33 million CDs.
Despite streaming being the dominant method that people use to get their music, the appeal of vinyl records seems to be attracting music lovers across generations. Vinyl provides a tangible connection to the music and the artists, which is something that streaming services cannot offer. The high-quality sound of vinyl is also something that audiophiles cannot resist.
“Music lovers clearly can’t get enough of the high-quality sound and tangible connection to artists vinyl delivers and labels have squarely met that demand with a steady stream of exclusives, special reissues, and beautifully crafted packages and discs,” said Mitch Glazier, chairman and CEO of the RIAA.
It’s not just the classic rock fans who are indulging in the vinyl craze. Newer pop artists, such as Billie Eilish, Harry Styles, and Taylor Swift, have released their music on vinyl as well. The appeal of vinyl is not just about nostalgia but also about the physical experience of playing and owning a record.
The pandemic has played a role in the increase in vinyl sales, with people having more time to listen to music and explore new hobbies. The surge in sales also led to a shortage of vinyl production capacity, with many record stores struggling to keep up with the demand.
As the music industry continues to evolve, it’s clear that vinyl records are here to stay. The appeal of a physical music format with high-quality sound and a tangible connection to the artist is something that streaming services cannot replicate. Vinyl records may not become the dominant method of listening to music, but they have undoubtedly made a extraordinary comeback and are a fixture in the modern music marketplace.
If you’re interested in starting or expanding your vinyl collection, Seattle has a thriving independent record store scene. These stores offer a wide selection of new and used vinyl albums, as well as knowledgeable staff who can help you find the perfect addition to your collection. Visiting these independent record stores not only supports local businesses but also provides a unique and immersive music experience that cannot be replicated online. Visit our record store listings to find a store near you.
