Vinyl records are currently on track to outsell CDs for the first time in 30 years, according to a new report by the Recording Industry Association of America.
In the first half of 2019, vinyl records earned $224.1 million -- close to the $247.9 million earned by CDs, according to the report. CD sales are dying three times as fast as record sales are growing. If these figures hold, record sales will soon surpass CD sales.
If it does happen, it will be the first time since 1986 that vinyl sales eclipsed CD sales, NME reported.
Tom Corson, co-chairman and CEO of Warner Records, spoke to Rolling Stone in 2015 about the resurgence of vinyl.
“We welcome (the growth in vinyl),” he said. “It’s a sexy, cool product. It represents an investment in music that’s an emotional one. (But) it is a small percentage of our business. It’s not going to make or break our year. We devote the right amount of resources to it, but it’s not something where we have a department for it.”
While vinyl is poised for a comeback, the report made it clear that digital downloads still dominate music sales. Paid subscriptions to streaming services accounted for 62% of music industry revenues.
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