It's a piece of news that would have been unthinkable a decade ago, but it's happening: Vinyl record sales are poised to eclipse CDs in the near future. And in an even more surprising twist, the music industry as a whole has leapfrogged the movie business to become the bigger breadwinner.
These
revelations come courtesy of a new report on Pivotal Economics authored by Will Page, Spotify's former chief economist who has been tracking the value of the music business for the past ten years.
Page's findings paint a vivid picture of vinyl's renaissance. His data indicates that in the US alone, vinyl sales are projected to bring in a staggering $1 billion for record labels in 2024. This means that vinyl revenues will soon surpass those of CDs, a feat that will be replicated globally.
Vinyl's unit sales
already exceed those of CDs. According to the Recording Industry Association of America, people bought 43 million vinyl records in 2023, which is 6 million more than the number of CDs sold in the same year. This is actually the
second time this has happened since 1987.
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