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It would be easy to assume that the younger generation knows nothing of the muffled thud of a needle dropping or the soft creak of a disc spinning.
With streaming services like Spotify and Apple Music allowing music to flow from phones, laptops and watches, why spend hundreds of dollars on a record player?
But it turns out they’re doing it anyway, as a new report shows that vinyls outsell CDs for the first time in 35 years.
In 2022, just over 41 million records were sold totaling $1.2 billion (£0.99 billion), compared to 33 million CDs.
Vinyls accounted for 71 percent of physical music format revenue that year, marking their 16th consecutive year of growth.
In 2022, just over 41 million records were sold for a total of $1.2 billion (£0.99 billion), compared to 33 million CDs (stock image)
Vinyls will account for 71 percent of physical music format revenue by 2022, marking their 16th consecutive year of growth
The ‘At the end of the year Turnover report music industry’ compiled annually by the Recording Industry Association of America (RIAA).
It collects revenue from recorded music in the US through streaming services, digital downloads, and physical unit sales.
Mitch Glazer, RIAA’s CEO and Chairman, shared Medium“Music lovers clearly can’t get enough of the high-quality sound and tangible connection to artists that vinyl delivers, and labels have more than met that demand with a steady stream of exclusive products, special reissues, and beautifully crafted packages and discs.”
In 2022, total revenue from music across all formats will hit a record high of $15.9bn (£13.3bn), marking its 15th consecutive year of growth.
This was a six percent increase from 2021, largely due to subscriptions to streaming services, but physical music formats also made a significant contribution.
CD, vinyl and cassette revenues have picked up again since 2021, as the year before the COVID-19 pandemic caused a dent in sales.
This was because it led to the closure of music stores and the cancellation of tours, where many units are sold at merchandise stands.
But CDs saw their first year-over-year increase in 17 years in 2021, showing that listening to music without a computer is still in style.
Their fate changed last year when CD sales fell 18 percent, but vinyl record sales rose 17 percent.
The Year End Music Industry Revenue Report is compiled annually by the Recording Industry Association of America (RIAA). It collects revenue from recorded music in the US through streaming services, digital downloads, and physical unit sales
Despite the convenience of streaming services, the demand for real, tangible products is particularly noticeable among young adults. They are called “Generation Phygital” because they grew up in a digital download culture (stock image)
Last month, the British Phonographic Industry (BPI) confirmed that vinyl sales in the UK reached a 30-year high in 2022, after growing for 15 consecutive years.
The best-selling albums were Taylor Swift’s Midnights, which sold more than 89,000 copies on vinyl, and Harry Styles’ Harry’s House, Arctic Monkeys’ The Car and Liam Gallagher’s C’mon You Know.
Thanks to this vinyl revival, music giant HMV was able to turn a profit for the first time in four years.
Doug Putman, the chain’s owner, said, “Before I bought HMV, it was clearly an older demographic.
“Walk in today and it’s amazing how many ten, fifteen and eighteen year olds there are in the store. I’m telling you, that’s good for us in the long run.’
Geoff Taylor, BPI chief executive, BRIT Awards & Mercury Prize, said: ‘Vinyl’s revival is one of the most welcome success stories in recent times.
“While this renaissance was initially built largely on older music fans reconnecting with cherished albums from the past and on younger generations discovering new classic releases, the continued surge in LP sales is increasingly being driven by brand new releases.”
According to the RIAA report, physical sales are up four percent in 2022, while digital download sales are down 20 percent to $495 million (£407 million).
Despite the convenience of streaming services, the demand for real, tangible products is particularly noticeable among young adults.
They are called ‘Generation Phygital’ because they grew up in a digital download culture.
However, an eBay survey found that about 83 percent of 18-24 year olds purchased a physical media item over a digital version in 2017.
Ironically, it’s the rise of selfies and Instagram that has fueled young adults’ desire to collect real things to show off.
An eBay spokesperson said: ‘Instagram culture – epitomized by the emergence of the ‘shelfie’ as a means of proclaiming our intellectual allegiances and cultural allegiances – plays a role in the popularity of physical media among young consumers.
“A quarter of the ‘phygital generation’ would buy books to display, while 17 percent would buy records to display on their shelves.”