Who would've thought that vinyl records would go on a rising streak?
Since the boom of music stream subscriptions, the Recording Industry Association of America (RIAA) has revealed that the U.S. music business had double-digit growth last year.
Out of the 12% growth, paid streaming apps like Spotify, YouTube and Pandora were the biggest drivers of business growth, making up 75% of the total revenue for 2018.
“Tremendous output from the artist community fueled a historic milestone of 50 million subscriptions to music services, which in turn helped drive U.S. music’s third consecutive year of double-digit growth,” says RIAA charmain and CEO, Mitch Glazier.
However, the nostalgic favourite vinyl records are still on the rise with over 7% growth in sales last year. As a result, it became one-third of all physical music sales in U.S. With a total revenue of $419m USD, it broke the record of the highest level since 1988.
Meanwhile CD sales are on a 32-year low streak as sales had dropped by 34% (total of $698m USD). It is the first time that CD sales were less than a billion U.S. dollars since 1986.
Read the full report from RIAA.