CONTINUED GROWTH FOR VINYL SALES

Both the RIAA (Recording Industry Association of America) and IFPI (International Federation of the Phonographic Industry) have reported continued growth for vinyl sales in their Year End 2023 Revenue reports on music consumption. The RIAA reported that recorded music revenues in the U.S. grew 8% to a record high $17.1 billion at estimated retail value. According to an article in Billboard on the RIAA report, " physical sales once again surged, up 10.5% to $1.91 billion (from $1.73 billion last year). That was largely driven by vinyl sales growth, which was up 10.3% year over year to $1.35 billion in revenue — an increase from $1.22 billion in 2022, as units jumped to 43.2 million from 40.5 million." 

The IFPI reported that Global Music Revenues grew 9% in 2023  to $26.2 Billion with physical sales growth of 13.4% in 2023, a significant increase on the prior year’s growth of 3.8%. 

“Amazingly, it has been a nearly two-decade-long growth for vinyl records across the globe and we have been working hard to build more production lines and new record pressing plants to keep up with all of this demand, “ says VRMA President Dustin Blocker. “Artists and labels now have the option to press with their regional pressing plant and to have their records completed in a reasonable timeframe, as most plants are running 8-10 weeks on new titles, and as little as 4-6 weeks on represses.”

COURTESY OF THE RIAA 2023 MUSIC REVENUE REPORT

COURTESY OF THE RIAA 2023 MUSIC REVENUE REPORT