The data was collected by Pivotal Economics, via Spotify’s former chief economist
The return of vinyl record consumption around the world shows signs that it is much greater than expected by the global market. The famous “biscuits” are eclipsing the market CD and should surpass digital sales very soon.
And even more surprising than that, with the boom of vinyls, the music industry needs to surpass the film industrysomething unthinkable a few decades ago. The film industry has been going through a financial dehydration, with its revenues declining 41.9 billion dollars in 2019 for the US$33.2 billion at the moment.
This scenario was presented in a recent report by Crucial economysigned by Will Pageformer chief economist of the streaming platform Spotifywhich has been monitoring the global music market for 10 years.
According to data from Pageonly inside USAvinyl record sales should deliver results 1 billion dollars for record companies in 2024exceeding the revenues of CD and this will not be limited to just the North American country: the effect will be global.
Only the vinyl unit sales they are already surpassing those of CDs. This note was made by the RIAA (Recording Industry Association of America), which registered 43 million vinyl records sold in 2023. That’s all 6 million more units referring to CD sales in the same period.
Always according to RIAAthis is the second time vinyl has outsold CD since then 1987.
Vinyl: Interest among Generations A and Z
This “explosion” in the consumption of the old format is due to the interest of generations A and Z due to the format, considering they were born in a digital environment where music is intangiblefor your access to digital platforms. But they have known vinyl and have the natural sensation of having an object linked to their idols.
Added to this are restrictions on vinyl production, where factories have not been able to cope with such high demand. However, to solve this problem, new vinyl record manufacturing companies appeared on the international scene: Recording industry (Netherlands), Pressing business (Poland) e GZ (Czech Republic) has strengthened the production capacity of the format globally.
Source: Terra
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.
