To many people, vinyl records may seem like a blast from the past.
But new information shows that vinyls are fast becoming one of the most popular forms of music.
Total revenue from vinyl is now close to surpassing that of CDs for the first time since its demise in the 1980s.
A report published by ex-Spotifiy economist Will Page, found that documentaries will generate more than $1bn (£787m) in US documentaries alone by the end of 2024.
Mr Page wrote: ‘Worldwide, vinyl will soon overtake CDs – a true sign of the times.’
However, it’s not the high quality of vinyl that’s causing this, as research has shown that half of record buyers don’t even have a changer.
Instead, experts say fans are adopting vinyl as a form of marketing that gives them a sense of connection with their favorite bands.
This year, great artists love it Taylor SwiftAdelle, and Billy Eilish both jumped on the bandwagon, releasing multiple, expensive versions of the same albums.
Total revenue from vinyl sales has surpassed that of CDs for the first time since the 1980s amid interest in the retro music genre (stock photo)
Despite its many disadvantages compared to digital, the popularity of vinyl has only increased in recent years as fans look for a more enjoyable listening experience.
Although vinyl records were considered all but obsolete after the rise of CDs and digital recording, the format has made a remarkable resurgence in recent years.
Writing in Billboard ProMr Page says vinyl sales have ‘surpassed expectations’ over the past 18 years.
Last year, label revenue grew 12 percent, driven by a 10 percent increase in advertising costs.
However, the new report shows that vinyl grew faster than streaming in percentage terms – up 15.4 per cent on the previous year.
For the past two years, this ancient style has accounted for more than 10 percent of all record revenues.
In 2019, industry experts hailed a vinyl revival as sales reached $504 million (£397m), the highest figure since 1988.
Now predicted to be worth $1bn by the end of the year, the value of the vinyl industry has doubled in five years.
As Mr Page points out, this comes despite significant ‘challenges’ in providing physical documents.
The labels may seem dated but their sales have exceeded expectations over the past 18 years. New research estimates it will bring in $1bn (£787m) of text in the US alone this year (stock image)
As the popularity of vinyl has exploded, the industry is just beginning to demand more.
Over the years, this has left labels and other artists facing months of delays in bringing their albums to print.
However, this did not stop major artists from jumping on the vinyl bandwagon.
Last year, Taylor Swift topped the charts as the biggest vinyl artist, selling 3.4 million records in the US – representing 7 percent of all sales.
As part of her successful strategy, Swift releases multiple versions of the same album that die-hard fans keep collecting.
As of this year, Swift has released 36 versions of her album ‘The Tortured Poets Department’, seven of which were on vinyl.
Meanwhile, Billy Eilish released eight vinyl versions of his Hit Me Hard and Soft album released this year.
Similarly, this month Adele was criticized by fans for releasing a vinyl box set for $349 (£275).
The vinyl revival has been driven by artists like Taylor Swift who released 36 versions of her album, ‘The Tortured Poets Department’ (pictured), including 7 vinyls.
However, despite the often expensive prices, fans have been more than happy to release something that gives them a chance to connect with their favorite artists.
While simply streaming music on Spotify may be worth it, the huge increase in physical sales shows that fans are looking for more.
That’s great news for artists and writers who make more money from retail than they do from digital.
Mr Page estimates that for a label to make the same amount of money from a digital album as a vinyl record, a customer would need to download the album for about two weeks straight without sleeping.
However, the report also highlights some major developments in the world of music.
For the past ten years, Mr Page has been following the importance of music copyright and music rights.
These are legal licenses that allow artists and record labels to earn money when a song is played on the radio or streamed online.
This year’s report shows that the value of music will increase significantly in 2023 to $45.5bn (£35.7bn), up from $25bn (£19.7bn) in 2014.
This year, economist Will Page found that the value of copyrights for music and music exceeds the value of video. Music was worth $45.5bn (£35.7bn) in 2023 (right), compared to just £31.6bn (£24.9bn) in 2019
By next year, Mr Page predicts that the demand for copyrighted music will double within ten years.
This means that music is now a bigger industry than movies which is worth only $33.2 billion.
While movie revenues have rebounded since the pandemic, box office sales rose in 2019 and have yet to experience the meteoric rise of music.
Mr Page says: ‘If you had said when I started doing this in 2015 that music could transcend film, you would have been laughed out of the room.
‘Back then, the silver screen rose above the likes of Spotify and Netflix.’
