Record sales exceeded streaming sales this year

The Economist reported that vinyl overtook streaming, with records increasing 15.4 percent, compared to 10.4 percent for streaming. It also sold more CDs than sold for the fourth year in a row.

The boom in vinyl popularity is likely due to superfans flocking to buy fan-favorite artists, such as Taylor Swift’s latest albums.

In April, Swift broke vinyl sales records with the release of “The Tortured Poets Department,” selling 700,000 copies in just three days.

Last year, the megastar’s albums accounted for 7 percent of all vinyl sales, and more than 3.4 million records were sold in 2023 alone.

Former Spotify economist Will Page predicts that record labels will generate $1 billion in revenue from vinyl sales alone by the end of 2024.

In a column for Billboard, Page wrote, “Like the boy who cried wolf, we were told time and time again that vinyl’s resurgence was a blip, not a trend.”

“Yet it has continued to exceed expectations for 18 consecutive years.”

Page went on to explain that records are like “merch” for superfans, even though streaming services offer more music for less money.

The record-breaking revival comes amid Generation Z’s enthusiasm for vintage technology, which includes everything from flip phones and landlines to digital and film cameras.