Recorded music

Nearly 50 million vinyl albums were sold in the US during 2023, an increase of 14.2% on the previous year

The arrival of the compact disc nearly killed off record albums, with vinyl pressing machines sold, scrapped and dismantled by major record labels.

Four decades later, with resuscitated record album sales producing double-digit annual growth, manufacturers are rapidly rebuilding an industry to keep pace with sales that reached $1 billion last year.

Despite the impact of digitalization on the music industry, the sales of vinyl records have been on the rise during the COVID-19 pandemic.

The fact that people, who have to spend most of their time at home due to the outbreak, have found new hobbies, increased the interest in nostalgic vinyl records, which normally draws interest of its enthusiasts only.

Worldwide sales of music have increased by nearly 10% in 2018,  being the fourth consecutive year of growth thanks to online streaming platforms. However, downloads and physical sales continue to fall.

The International Federation of the Phonographic Industry reports in its global music report that profits for 2018 have reached $ 19.1 billion.