Demand for vinyl records growing in double-digits for more than a decade, with sales reaching $1 billion last year
Record album sales revenue grew a whopping 61 percent in 2021 and reached $1 billion for the first time since the 1980s.
The industry "has found a new gear, and is accelerating at a new pace,” said Mark Michaels, CEO and chairman of United Record Pressing, theUnited States’ largest record producer, in Nashville, Tennessee. The sales were far outpacing growth rates for paid music subscriptions and streaming services like Spotify and Pandora, according to the Recording Industry Association of America.Record albums nearly spun into oblivion with sales overtaken by cassettes before the compact discs brushed both aside.
A younger generation is buying turntables and albums, and a new generation of artists like Adele, Ariana Grande and Harry Styles have been moving to vinyl, said Larry Jaffee, author of “Record Store Day: The Most Improbable Comeback of the 21st Century.”
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