According to Billboard , vinyl record sales fell 33% compared to last year, 2023.
In 2023, 34.9 million vinyl records were sold, while in 2024, only 23.3 million copies were sold, representing a decline of 33%. The drop wasn't limited to vinyl records; sales of CDs and digital albums also suffered declines of 19.5% and 8.33%, respectively.
Vinyl records continue to be more sought after than CDs, and on-demand audio streaming has increased by 7% since 2023. Catalog releases, albums, or songs that were released 18 months ago or more were played more than current releases.
Possible reasons for the drop in vinyl record sales
The drop in sales has less to do with the decline in the medium's importance and more to do with economic factors, according to Headphonesty .
Inflation, rising interest rates, and the cost of living have made it difficult for vinyl lovers to keep up with new releases, box sets, and other products. This is the same reason why festivals saw lower sales during the summer, which doesn't mean that music fans no longer want to buy records or go to festivals, but rather that fewer people have the opportunity to do so.
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