The RIAA mid-year sales report is good news for the music industry and for those who love vinyl records since vinyl sales continue to rise.
For the first half of 2018, over all revenues from recorded music increased by roughly 10% from $4.2 billion in the first half of 2017 $4.6 billion in 2018.
Fully three-quarters of that revenue was from streaming services like Apple Music and Spotify. This was driven largely by continued growth in consumer acceptance of streaming services. I would add that an additional factor is the improvements and expansion of audio systems such as Sonos, Google Home and Alexa enabled devices that make streaming music infinitely more accessible.
While streaming music services pushed revenues up, sales of physical products such as CDs, tapes and vinyl records dropped by 25%. That drop was made up of a 41% decline in CD sales that was partially offset by a 13% increase in revenues from the sales of vinyl records.
Of course, this does not take into account the used vinyl market which is much more difficult to gauge. More on that later.
So, I can again happily declare that vinyl sales continue to increase.