Ethiopia: Loan from United Nations Fund Allows Food and Agriculture Organization (FAO) to Scale Up Fertilizers for Farmers in TigrayRead more How Choosing the Right Printer Helps Small Businesses and Content Creators to Save Time, Maximise Productivity and Achieve GrowthRead more Eritrea: World Breastfeeding WeekRead more Eritrean community festival in Scandinavian countriesRead more IOM: Uptick in Migrants Heading Home as World Rebounds from COVID-19Read more Network International & Infobip to offer WhatsApp for Business Banking Services to Financial Institution Clients across AfricaRead more Ambassador Jacobson Visits Gondar in the Amhara Region to Show Continued U.S. Support for the Humanitarian and Development Needs of EthiopiansRead more Voluntary Repatriation of Refugees from Angola to DR Congo ResumesRead more Senegal and Mauritania Are Rich in Resources, Poor in Infrastructure, Now Is the Time to Change That Read more Madinat Jumeirah: Dubai’s Stunning Four Hotel Beach Resort Offers Unirvalled Benefits for Summer StaycationsRead more

Vinyl sales surpass CD revenue, first time since 1980s

Print Friendly and PDF

Sep 11, 2020 - 09:28 AM

NEW YORK — Vinyl records are outselling compact discs in the United States for the first time in more than 30 years, according to an industry report released Thursday.

Music fans dropped $232.1 million on records in the first half of 2020, according to the Recording Industry Association of America, far surpassing the $129.9 million spent on CDs.

Vinyl sales contributed 62 percent of total physical music media revenues — which dropped 23 percent year-on-year, a decline the RIAA attributed to the coronavirus pandemic’s shutdown of music venues and stores.

Nevertheless vinyl’s numbers marked a turning point for the retro darling whose resurgence was fueled for years by collectors and hipsters nostalgic for side A and side B.

But physical records remain niche: the RIAA said streaming accounted for 85 percent of revenue in 2020’s first six months, much of which saw most Americans holed up at home to halt the spread of Covid-19.

Streaming music revenue spiked 12 percent to $4.8 billion in the first half of 2020, the RIAA said, as platform users appeared increasingly willing to pay for subscription services.

The number of paid subscriptions at services including Spotify, Apple Music and Amazon soared to 72 million, up 24 percent compared to the first half average for 2019.

  • bio
  • twitter
  • facebook
  • latest posts

LMBCBUSINESS.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.