UK Audio Market Analysis: Vinyl will soon overtake CD
The popularity of vinyl discs will exceed the popularity of CDs. This conclusion can be drawn from the report of the RIAA (Association of the American Recording Industry) on the state of the US music industry at the end of the year. However, so far we are not talking about circulation, but about income.
Indeed, vinyl record sales in the United States exceeded CD sales for the first time in 35 years. The numbers have been growing continuously since 2006. The real record was set in the last full week of last December, when 1.841 million vinyl albums were sold in seven days, according to MRC Data.
These figures are echoed by information from the BPI (British Phonographic Industry) report, based on Official Charts data. Despite the pandemic (or because of it?), the UK music industry’s revenues have risen to the level of 1.12 billion pounds. This is the best indicator in 14 years.
UK revenue from vinyl records showed the highest result since 1989. Annual growth — 30.5%, by 86.5 million pounds. CD sales have slumped by 18.5% over the same period, but they are still impressive at £ 115m.
On the basis of all these figures, BPI executive Director Geoff Taylor suggested that in the UK, the total revenue from vinyl sales will exceed the revenue from CD in the current year. Taylor explained the phenomenon of the growing popularity of vinyl as follows: “Fans want to get closer to the musicians they love by owning a material creation, which is a vinyl album”.