US Vinyl sales surge 21.7% in first half of 2023
US Vinyl Sales are making their analog return in the digital age. Die-hard fans and audiophiles alike boost their return to a 21.7% increase in the first half of 2023.
Since 1948, consumers of music have flocked to what was at the time the pinnacle of music recordings; vinyl. Vinyl, year by year, saw steady ups and downs in sales but consistently profited nearly $250M each year up until 1977. That year, vinyl sales boomed to nearly $350M in sales and would steady out in the following years at approximately $300M. However, this trend did not last forever as the market for vinyl began to crash steeply being replaced by the more modern Compact Disc. In light of the CD market, vinyl sales diminished to marginal profits until they slumped to near-zero by the early 90s.
Today we are beginning to see an uptick in the sales and purchases of vinyl. A trend, some might argue, was brought back due to the nostalgic quality of the medium. Audiophiles would also purport that vinyl gave a more natural, full sound to their favorite soundtracks. Regardless of why vinyl is coming back, it appears that the form of recording is seeing new precedence in the market, as in the first half of 2023 sales of vinyl are being reported as having risen by 21.7% in the first-half of the year. Statista also reports that LPs made up 43% of all album sales in the US physical market. This, MusicTech reports, is roughly;
“23.6 million LPs sold in this period.”
Leading the charge in the resurgence of vinyl music are figureheads Taylor Swift, whose fans recently received an unintentional vinyl surprise, Lana Del Rey, Tyler, The Creator, and a single album by Fleetwood Mac, Rumors. The report continues on to state that EDM fans spend an average of +63% more money on music categories per month than any other US music listener of any other genre.
Though the vinyl industry is beginning to take off once again, it does not necessarily mean a more profitable field for music vendors. Again from MusicTech in an interview with Mad Mats and Tooli, co-record label owners and DJs of great renown, Tooli was quoted with the following:
“I got a statement for one of my other labels,” says Tooli, “and actually sold out a [vinyl pressing run]. It’s quite rare these days that you sell out the first pressing. And by doing the calculations, I made €120. It’s too much work, just to be nostalgic.”
Whether for better or for worse, vinyl has made its return. If the fans are anything to speculate on, it can only be guessed as to how far this analog medium will rise in the modern age.
Image Credit: Rudgr.com