The Recording Industry of Association of America (RIAA) reported it sold 43 million records in 2023. Vinyl record sales are on a 17-year growth curve. Last year’s numbers are 6 million more units than CD sales for the year. Vinyl records also brought in more revenue than CDs. Records raked in $1.4 billion compared to the $537 million CDs accounted for. Music listeners purchased 700,000 fewer discs on the year.

Streaming Still Dominates

Even though artists aren’t getting paid, streaming revenue came in at $14 billion compared to the revenues from vinyl and CDs. Streaming includes subscription services, satellite services, and ad-supported services like YouTube.

What’s really interesting is that despite streaming revenues growth year-over-year, it hasn’t dented the continued growth of record sales. Vinyl is still the cool thing to have. Even El Jefe has bought vinyl as gifts for friends. Meanwhile, streaming services aren’t the best place to archive your favorite music. With every new additional album, license owners are threatening to pull your favorite catalogs. These threats are increasingly frequent on video streaming platforms and music will closely follow.

Physical media is still the coolest thing to own for your favorites. The streaming companies can’t come in your house and take them.

-MJ