Vinyl records, also known as “wax-pressed records”, were common before other formats, such as cassette tapes and CDs, became the preferred mode of listening to music. But that didn’t stop vinyl records from reviving. Since 2005, sales for vinyl have steadily increased. In the first half of 2020, vinyl revenue grew 4%, while CI’s revenue was down 48%, according to the RIAA.
However, an increase in vinyl juice is not enough to prevent physical sales from declining. Physical sales have sunk 23% to 37 6,376 million in the first half of the year, as the epidemic continues to hamper music industry standards. Concerts and visits to music stores have all disappeared.
Streaming, which includes paid streaming, ad-supported streaming and streaming radio revenue, grew 12% to 8.88 billion in the first six months of 2020, the RIA found.
For streaming services alone, more listeners are willing to pay to play. RPAA has reported a 24% increase in paid streaming service subscriptions such as Spotify and Apple Paul Music.
Which makes streaming a popular music format, accounting for 85% of the music industry’s revenue.
So far, sales in the music industry alone have grown just 6.6%, driven primarily by streaming, to a total of 7 7.7 billion in the first six months of this year alone.
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