Vinyl records, also known as “wax-pressed records”, were common before other formats, such as cassette tapes and CDs, became the preferred way of listening to music. But that hasn’t stopped the vinyl record from resurfacing. Since 2005, sales for vinyl have steadily increased. According to the RIAA, vinyl revenue grew 4% in the first half of 2020, while CD revenue was down 48%.
However, the increase in vinyl interest is not enough to exclude physical sales. Physical sales rose 23% to $ 376 million, which is to stall the music industry’s criteria in the first half of this year. Programs and trips to music shops are all missing.
Streaming, which includes paid streaming, ad-supported streaming and streaming radio revenue, grew 12% to $ 4.8 billion during the first six months of 2020, the RIAA found.
For streaming services alone, more listeners are prepared to pay to play. Paid streaming service subscriptions, such as Spotify and Apple Music, grew by 24%, the RIAA reported.
This makes streaming the format of music dominated, accounting for more than 85% of the music industry.
So far, overall music industry sales have grown by 5.6%, driven primarily by streaming, totaling $ 5.7 billion during the first six months of this year.