Published Apr 29, 2008If you pay any attention to sales trends in the music industry, you likely already know that CDs are down while vinyl and digital sales are up. Today, however, the RIAA has officially given us new some new numbers to chew on, and they bode especially well for the future of vinyl.
According to RIAAs recently released 2007 sales report, the U.S. music industry shipped out 36.6 percent more pieces of vinyl (extended play and long play) than it did in 2006, meaning vinyl sales revenue increased by an impressive 46.2 percent ($22.9 million) from last year. On the other hand, CD shipments declined 11.7 percent from last year, dropping revenue by 20.5 percent ($7.5 billion) during the same period.
Strangely enough, though, the revenue from vinyl singles went down 59.6 percent ($4 million) from last year, while CD singles went up 59 percent ($12.2 million). Were kind of stumped on the reasons behind this one. Perhaps it has something to do with more and more DJs straying away from wax?
On the digital end, there isnt a whole lot of change from last year, with digital music steadily growing to account for 23 percent of RIAAs total revenue.
Keep in mind that these statistics only account for the RIAA, a U.S. organisation that consists of a large number of private corporate entities such as record labels and distributors, and doesnt keep track of figures for independent music or sales in countries besides the U.S.
Nevertheless, the numbers still give vinyl nerds everywhere a reason to hold their heads a little higher today. Its official guys: you are moving up.
If you would like to view RIAAs 2007 sales report for yourself, a PDF of the numbers is available here here.