Are you Aware of the Vinyl LP’s Remarkable Comeback?

Vinyl is on track to outsell compact discs for the first time in 33 years; but prices have risen 490%

.
  • Vinyl sales increased by 55.8% from 2010 to 2011, and then 131.8% from 2011 to 2012. Furthermore, there was an 18.5% year-over-year increase in sales of new vinyl from 2016 to 2017.
  • While sales have gone up, prices have as well. According to data from eBay, a new vinyl record cost an average of $4.80 in 2007, and in 2017 it had gone up to $28.40, an increase of over 490%.
  • CD sales have fallen 34% to $698 million, the first time it had totaled less than $1 billion since 1986.
A customer in an antiques and collectibles shop in Newport, Oregon, holds a Peter Frampton record album for sale titled ‘Frampton’ which was released in 1975.
Robert Alexander | Archive Photos | Getty Images
.

This past week, the Recording Industry Association of America (RIAA) released its mid-year report. It showed that 80% of the of music industry’s revenue comes from streaming, but it also showed that revenue from sales of vinyl records is on track to overtake that of compact discs by the year’s end, should current trends continue.

When the compact disc was introduced in 1982, it was billed as a technology that would render vinyl records obsolete. But while the general public may not have anticipated a resurgence in LP sales, those who have been paying attention for the past few years likely aren’t surprised.

Data provided to CNBC by eBay shows that sales of new and used vinyl have been steadily increasing over the past decade. Sales increased by 55.8% from 2010 to 2011, and then 131.8% from 2011 to 2012. Furthermore, there was an 18.5% year-over-year increase in sales of new vinyl from 2016 to 2017.

While sales have gone up, prices have as well. According to data from eBay, a new vinyl record cost an average of $4.80 in 2007, and in 2017 it had gone up to $28.40, an increase of over 490%.

At the same time, revenue from compact disc sales has steadily declined. The RIAA’s 2018 year-end report said that it had fallen 34% to $698 million, the first time it had totaled less than $1 billion since 1986.

READ THE REST OF THE STORY  HERE  AT THE CNBC WEBSITE

Published on September 16, 2019 at 2:50 pm by Turn Table3

Comments

There are currently no comments on this article.

Be the first to comment - leave one below.

Leave a Reply

Text Groove for Radio