Yep, the last time the vinyl record medium outsold CDs was way back in 1986-the year Top Gun and Crocodile Dundee came out.
Bloomberg says that vinyl sales have been rising steadily in the United States since 2005, with a combination of nostalgia and a love of the hi-fidelity sound helping push the market higher.
Vinyl records accounted for US$232.1 million of music sales in the first half of the year, compared to CDs, which brought in only $129.9 million, according to a report from the Recording Industry Association of America.
According to that report, vinyl sales peaked in Australia in 1987 when the format was raking in $80 million a year.
Vinyl was the most popular way people listened to music throughout the 1970s and the early 1980s, at which point it gave way to tape cassettes - followed by CDs and digital formats. But that has not stopped vinyl records out of creating a resurgence. While we all had that one mate in the 2000s that insisted the sound quality was better on his dodgy record player, the format has been booming in recent years and bands are releasing cool and custom-designed vinyl LPs to keep up with the growing market for collectors. Subscription streaming revenues for first-half 2020 were up 14% to $3.8b vs.a comparable period in 2019. Physical earnings plummeted 23percent to $376 million, also at the first half of th eyear since the pandemic continues to stall audio business standards. Concerts and visits to concerts are all gone.
Regardless of the stunted development of bodily earnings, songs streaming has continued to flourish. This is old news, of course-streaming has been the dominant force in the music industry more more than a decade. Streaming, which includes the revenue of paid streaming, ad-supported streaming and streaming radio, grew 12% to $4.8 billion during the first six months of 2020, RIAA found.
So far, overall music industry sales have grown 5.6%, mainly driven by streaming, totaling $ 5.7 billion in the first six months of this year alone.