For the first time in 35 years, old-fashioned vinyl records outpaced CD sales in 2022, growing 17% to $1.2 billion, the Recording Industry Association of America's year-end report said.
According to the report, units of LP and EP vinyl records shipped increased from 40 million in 2021 to 41.3 million in 2022, compared to a 28.4% drop in the number of CD units shipped during the same period, falling from 46.7 million in 2021 to 33.4 million in 2022, according to the report.
The fall in physical units shipped also resulted in a drop in revenue similar to vinyl's 17% increase, with CDs bringing in $482.6 million in 2022 compared to $585.4 million in 2021.
While the resurgence in vinyl's popularity has driven its growth for the last 17 consecutive years, subscription, and streaming music services have catapulted to the top of the industry's sales with streaming service revenues jumping 7.3% to more than $13 billion for the year, up from $12 billion in 2021.
Revenue from downloads, however, dropped 20.4% from $621.6 million in 2021 to $494.7 million in 2022, according to the report.
Billboard reported in January that vinyl sales accounted for 43% of physical units sold, but only half of those buying the records had a device to play them.
In addition to the format's resurgence as the top physical medium for music, around half of the albums sold were through independent retailers, ringing up 20.92 million of the 43.46 million in total vinyl sales, according to the report.
The second largest seller of vinyl records came through internet or mail-order sales, accounting for 14.26 million of the total vinyl sales.
Billboard reported Taylor Swifts "Midnights" album as the No. 1 seller with 945,000 copies sold, followed by 480,000 copies of Harry Styles' album "Harry's House."
Classic rock giants Fleetwood Mac, the Beatles, and Michael Jackson were also among the top 10. The 1977 top-selling Fleetwood Mac "Rumours" came in fifth, selling 243,000 copies in 2022. Jackson's "Thriller" from 1982 took the ninth spot with 168,000 copies sold. Following closely was the Beatles' "Abbey Road" in 10th place, selling 160,000 copies, according to the report.
Billboard's report said that the surge in vinyl sales appears to be starting to level off for the format that dominated music sales until replaced by cassettes in the 1980s and then CDs in the 1990s.
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