For the first time since 1987, vinyl has outsold CDs in the US, according to a new report by the Recording Industry Association of America.
In 2022, over 41 million vinyl records were sold compared to 33 million CDs. Furthermore, the revenue from vinyl sales reached $1.2 billion, more than double that of CDs.
But this increase in vinyl sales can be attributed to one popular artist Taylor Swift, as data found that one in every 25 vinyl albums sold in 2022 was a Taylor Swift LP, selling nearly 1.7 million records.
Those who are fans of Taylor Swift, mainly Generation Z and Millennial music listeners, like to collect vinyl due to the experience they have listening to a physical record and displaying their collection.
Streaming revenues from paid subscriptions and ad-supported services also rose 7% to $13.3 billion, roughly 84% of total music listening revenue.
One of the most popular paid subscription streaming services is Spotify Premium, which held 31% of the music streaming market as of May 2022.
Overall, music industry revenues grew by 6% to an estimated $15.9 billion in 2022.
Check out the video below to see how the demand for vinyl skyrocketed in 2022:
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