News from IT House on March 11, according to the latest annual income report released by the recording Industry Association of America (RIAA) [PDF]Vinyl records outsold CD in the United States for the first time since 1987.
IT House learned from the report that sales of physical music formats such as vinyl records, CD and cassettes were $1.7 billion in 2022, an increase of 4 per cent over 2021. Sales of vinyl records reached 1.2 billion US dollars, and RIAA said that vinyl products have grown for 16 years in a row, selling more than 8 million copies of CD.
Sales of CD records were $482 million in 2022, down 18% from $585 million in 2021.
The resurgence of vinyl records is related to the epidemic. Artists and their tags reconsider their music distribution strategies. Vinyl records may provide a special experience so that consumers don't have to leave home, an untapped source of income for artists and record labels.
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