Quartz reports that vinyl sales are surging but not enough to save the industry. Wish I still had my old turntable…
The equation facing the music business is now well understood: Sales of CDs and digital music downloads are in what looks like a death spiral, while streaming music services are adding subscribers and increasing revenues but not yet profits.
But another corner of the music business is experiencing rapid growth: old-fashioned vinyl records.
According to the latest numbers from Nielsen Soundscan’s mid-year report, released last week, vinyl record sales in the US were up more than 40% in the first six months of 2014, with 4 million units sold. In 2013, vinyl sales hit their highest level since at least 1991, with 6 million units sold. At the current pace, this year’s sales are on track to beat that again quite easily.
This trend isn’t new; it’s been going on for several years:
Nor is it only a US phenomenon. In the music-obsessed UK, vinyl record sales last year hit their highest levels since 1997.