Is vinyl dead? Long live vinyl! If at the end of the 80s the obsequies of this format of recording, storing and reproducing music were repeated throughout the world, its gradual resurrection has not stopped: at first it was just a niche market for exquisite audiophiles, but with the Simultaneous editions on vinyl and digital, as well as on CD (the “executioner” format of vinyl in the 90s, whose extinction was also erroneously predicted) continue to multiply over time. According to data published yesterday by Variety, the recorded music business recorded a near-record $15 billion in 2021 overall, driven by increased streaming, strong vinyl and CD sales, and the inclusion of TikTok revenue for the first time.
Except for digital downloads, which are down, the main music formats experienced an increase compared to the previous year. Paid subscriptions continued to be the biggest driver of growth (sixth consecutive year of music revenue growth). 2021 revenue increased 22% to $9.8 billion. Although the $15 billion figure is a record, when adjusted for inflation it is actually almost 40% less than the previous record of $14.6 billion from 1999.
The pandemic, as with the platforms for movies and series, had its influence. Streaming (paid subscriptions, digital radio, network music licenses and, for the first time, TikTok’s music revenue) was the biggest driver: up 24% from 2020 to $12.4 billion, and 83% of total revenue.
But, and here’s the surprising fact, for the first time since 1996, both CDs and vinyl records saw revenue growth in the same year. The revival of vinyl records continued for the 15th consecutive year, as revenue grew 61% to reach $1 billion in 2021. The last time vinyl records topped $1 billion was in 1986. Vinyl it represented 63% of revenue from physical formats, and 7% of total revenue from music. CD revenue rebounded from 2020, when covid-19 hit retail significantly as many stores closed and tours were suspended. In 2021, CD revenue grew 21% to $584 million, the first year-over-year increase in CD revenue since 2004.
Although physical product accounts for only 11% of total industry revenue, vinyl enjoyed its 15th consecutive year of growth, soaring 61% to $1 billion in 2021. Even CDs, which were outperformed last year by vinyl for the first time since the 1980s, rose 21% to $584 million, the first year-over-year increase in CD revenue since 2004.
Source: Ambito
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