In short: The Recording Business Affiliation of America (RIAA) has revealed its mid-year 2020 report on the state of the music trade within the US. Among the many attention-grabbing revelations within the report is the truth that vinyl album gross sales generated extra revenues than CD gross sales in the course of the six-month interval for the primary time for the reason that 1980s.
Per the report, vinyl gross sales brought in simply north of $232 million within the first half of 2020 whereas gross sales of CDs fell by greater than 47 p.c year-over-year to $129.9 million. RIAA cited shutdown measures at retailers and dwell venues as the first purpose for the sharp decline in bodily product gross sales.
That mentioned, vinyl gross sales nonetheless solely accounted for 4 p.c of complete music trade revenues for the interval.
Unsurprisingly, streaming music continues to be the driving pressure of the trade. It accounted for a whopping 85 p.c of complete music trade revenues within the first half, or $4.eight billion. That’s up from $4.Three billion within the first half of 2019 and $3.Four billion in the course of the first six months of 2018.
The entire variety of paid music subscriptions within the US, in the meantime, climbed to 72.1 million from simply 58.2 million throughout the identical interval a 12 months in the past.
Picture credit score: Kittyman