Published
Thu, Sep 10, 2020, 21:37
- Vinyl album revenues comprised 62 percent of total physical revenues in the first half of this year.
The Recording Industry Association of America (RIAA) has released its mid-year report for 2020.
In the first half of 2020, music revenues grew 5.6 percent to $5.7 billion. Continuing a trend from previous years, the report shows revenues from both digital downloads and physical products on the decline, with the former down by 22 percent from last year, and the latter dropping by 23 percent. Though the vinyl album revenues only accounted for 4 percent of total recorded music revenue, its sum of $232 million makes up 62 percent of physical revenues—making it the first time vinyl sales have surpassed CD sales since the 1980s.
Other major updates include the growth of streaming music revenues, which rose by 12 percent to reach $4.8 billion. This bracket makes up 85 percent of the market, up from 80 percent in 2019. Paid subscription revenues also expanded, comprising 67 percent of the total revenues thus far in 2020.
Check out the full report here.