Despite the pandemic, the music industry actually turned a small profit during the first half of 2020

Vinyl, photo

It’s been a long time coming, but now it’s officially official: vinyl sales have surpassed CD sales in the US. According to a new report from The Recording Industry Association of America, vinyl records accounted for $232.1 million of music sales in the first six months of 2020, whereas CDs have only brought in $129.9 million. This is the first time since 1986 — 34 years! — that vinyl has outsold CDs.

Physical sales overall dropped by 23% in the first half of this year, likely because fewer people are leaving their homes, nevermind to visit music stores. However, CD sales declined by 48% whereas vinyl sales started to climb, particularly during the week of Record Store Day “Drops” when 802,000 records were sold. Unsurprisingly, digital sales continued to decrease by 22%, accounting for $351 million.

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Overall, the music industry saw a 5.6% bump in profit, totaling $5.7 billion in the first half of 2020. Streaming accounted for a majority of that number, a whopping 85% of the total revenue. The good news there is that paid streaming service subscriptions increased by 24%. It’s heartening to know that, at the bare minimum, listeners realized it’s probably helpful to pay for the music you’re listening to, however little.

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READ more: https://consequenceofsoun...TQmcxO3KgE

[Edited 9/13/20 18:53pm]

Really strange because I personally don't know anyone who still owns a turntable.

I know people who buy records and don't have a turntable. They purchase it like a programme at a concert. A physical momento.

Cinny said:

I know people who buy records and don't have a turntable. They purchase it like a programme at a concert. A physical momento.

Nearly everyone I know currently buying vinyl doesn't have a turntable.

The record companies have pulled a blinder, re-selling nostalgia to dumb consumerism.

I have purchased a few cheap second hand vinyl to frame on my walls. But, buying newly pressed vinyl at $20+, forget it!

I'm not surprised. Streaming has taken over and people are going back to vinyl or refreshing the

vinyl they already own. People aren't buying cd's the way they were in recent years. There are a lot of folks buying turntables now including young curious newbies. A few companies that had stopped making turntables have reentered the market due to

revival of vinyl. I've recently upgraded and bought a new turntable a month ago. Of course I won't be buying any new vinyl. I haven't even gone on a vinyl dig in years like we used to discuss here on the org and that was when cd's were still in vogue. My wife had a bunch of 45's in a bin that I had forgotten about over the years. I cleaned half of them up and got some vinyl sleeves to store them in. She has some gems in there by Minnie Ripperton, Evelyn Champagne King, Brothers Johnson, Rose Royce, LTD, EWF, Bell & James, Shalamar, Chic, etc. I hit a gold mine.

kitbradley said:

I have purchased a few cheap second hand vinyl to frame on my walls. But, buying newly pressed vinyl at $20+, forget it!

Smart vinyl buyers go to independent record stores and buy used vinyl in moderate to good

condition or online stores like Discog for much less. Let's face it you're not going to find a newly pressed O'Bryan album or a Gap Band album at WalMart or Best Buy for 20 dollars. Those are reserved for universal pop artists.

Cinny said:

I love vinyl.This year,I have purchased several vinyl reissues (180 gram).I can never resist those

To all of you 'old school folks' who don't have a turntable.....I recommend that you get one.

sexton said:

Cinny said:

I know people who buy records and don't have a turntable. They purchase it like a programme at a concert. A physical momento.

I’ve seen it here on the org—-buying the new Sign O The Times super deluxe edition to look at while streaming the tracks on Spotify.

I would never buy an expensive vinyl set just to look at or just to display on a shelf but to each their own.

phunkdaddy said:

I've recently upgraded and bought a new turntable a month ago. Of course I won't be buying any new vinyl. I haven't even gone on a vinyl dig in years like we used to discuss here on the org and that was when cd's were still in vogue. My wife had a bunch of 45's in a bin that I had forgotten about over the years. I cleaned half of them up and got some vinyl sleeves to store them in. She has some gems in there by Minnie Ripperton, Evelyn Champagne King, Brothers Johnson, Rose Royce, LTD, EWF, Bell & James, Shalamar, Chic, etc. I hit a gold mine.

It's been awhile since I've gone on a vinyl dig,but I plan to do it soon.Those are alot of fun....going to independent record stores,spending alot of time looking for vinyl.You never know what you're gonna find.I have found some really RARE records before.

Your wife has some cool 45 singles.

kitbradley said:

I have purchased a few cheap second hand vinyl to frame on my walls. But, buying newly pressed vinyl at $20+, forget it!

I'm guilty of buying newly pressed vinyl and yeah,that stuff can be very expensive.I'm trying to limit my purchases,lol.

SoulAlive said:

kitbradley said:

I have purchased a few cheap second hand vinyl to frame on my walls. But, buying newly pressed vinyl at $20+, forget it!

I'm guilty of buying newly pressed vinyl and yeah,that stuff can be very expensive.I'm trying to limit my purchases,lol.

Me too but I'm acknowledged that I have a problem and that's half the battle.

I haven't bought vinyl in 218 days*...which doesn't mean I don't want to but is my personal record (no pun intended).


*just vinyl, I'm buying music on CD and digitally once every other week

[Edited 9/12/20 17:06pm]

I guess I'm one of the exceptions here, then... have been collecting vinyl since 2012, and had at least one record player in the house since 2016. Although I do need to slow down buying as I'm coming against both budgetary limitations and space issues in my flat, lol.

SoulAlive said:

kitbradley said:

I have purchased a few cheap second hand vinyl to frame on my walls. But, buying newly pressed vinyl at $20+, forget it!

I'm guilty of buying newly pressed vinyl and yeah,that stuff can be very expensive.I'm trying to limit my purchases,lol.

I buy most new releases on vinyl because I can get the download card for the MP3 version as well.

I just mortgaged my house for the SOTT Super Deluxe on vinyl, but that's a "whole 'nother" . . .

ChickenMcNuggets said:

I guess I'm one of the exceptions here, then... have been collecting vinyl since 2012, and had at least one record player in the house since 2016. Although I do need to slow down buying as I'm coming against both budgetary limitations and space issues in my flat, lol.

I've been rebuilding my collection since 2004 but space is always an issue.

Cinny said:

SoulAlive said:

The only new vinyl I buy are these deluxe reissues from prince or the occasional reissue of stuff I can't find a good second hand version of. But I buy more CDs, new and second hand.

And I do have a turntable (an ol d and a newer one). At one point there were albums from Anita o'Day, Betty Carter etc, that I dodn't find on CD so I bought them on vinyl.

It's a great time for getting rare cds

SoulAlive said:

sexton said:

I’ve seen it here on the org—-buying the new Sign O The Times super deluxe edition to look at while streaming the tracks on Spotify.

I would never buy an expensive vinyl set just to look at or just to display on a shelf but to each their own.

I agree. If I buy vinyl to keep then I'm going to play it at some point and not leave it sealed.

Cinny said:

I know people who buy records and don't have a turntable. They purchase it like a programme at a concert. A physical momento.

This is happening in my neck of the woods too? I thought is was some wierd thing going on locally. Maybe a turntable and setup will be purchased in the future.

kitbradley said:

I have purchased a few cheap second hand vinyl to frame on my walls. But, buying newly pressed vinyl at $20+, forget it!

The greedy little [record companies] Basterds never learn, do they?

Look...

Record companies are never going to make the money, profits they once made. These companies have an opportunity to cultivate, develop, and expand a new base of music lovers/consumers. We know of kids, young adults who didn't even fuck with CD's. Why not keep vinyle records at a price point or at least a variable price point? It's one thing for "our generation" to buy classic vinyl or reissue vinyl. It's another issue to expand record sales of up-in-coming artist such as those I've heard on NPR's Tiny Desk. So, as much as this appears promising, this market may just be fade or a small click of people buying records.

I'm not purchasing ablum for twenty plus bucks either. just my two-cents.

Personally, I miss the old days when I'd ride my Chopper down to the local MP3 store, and ask the guy about the hippest new releases. Then I'd ride home with 3 or 4 new MP3s strapped to my back. I still love the smell when you peel the cellophane off a brand new MP3, set your solid state drive spinning, drop the pointer, and hear the crackle of Bluetooth coming through your wireless headphones.

SquirrelMeat said:

Cinny said:

I know people who buy records and don't have a turntable. They purchase it like a programme at a concert. A physical momento.

Nearly everyone I know currently buying vinyl doesn't have a turntable.

The record companies have pulled a blinder, re-selling nostalgia to dumb consumerism.

I would think of a vinyl record as a nostalgic item, but there are young fans of new albums released this year that they bought on vinyl. Urban Outfitters is one of the major sellers of new vinyl.

I assume that is what is being tracked here, since used records never get scanned.

deebee said:

Personally, I miss the old days when I'd ride my Chopper down to the local MP3 store, and ask the guy about the hippest new releases. Then I'd ride home with 3 or 4 new MP3s strapped to my back. I still love the smell when you peel the cellophane off a brand new MP3, set your solid state drive spinning, drop the pointer, and hear the crackle of Bluetooth coming through your wireless headphones.