Vinyl is crushing CDs as music industry eclipses cinema, report says

Vinyl sales surge past CDs as music revenues outpace cinema's.

: Music industry sales are surpassing the movie business, driven by a resurgence in vinyl records and growth in streaming revenue. Will Page's report reveals that vinyl revenues in the US may hit $1 billion in 2024, with unit sales already outpacing CDs. Music royalty revenue has risen to $45.5 billion, while movie box office sales have declined from $41.9 billion in 2019 to $33.2 billion.

Music industry sales are now outstripping those of the movie business, thanks to the revival of vinyl records and a surge in streaming revenue. Will Page's report projects that vinyl sales in the US alone could generate $1 billion for record labels in 2024, as unit sales have already surpassed those of CDs in 2023.

The resurgence of vinyl is attributed to increased production capacities from European companies like Record Industry and streamlined international shipping. This supply boost is helping record labels overcome previous constraints and meet growing consumer demand.

Overall music industry income, particularly from music copyrights and performing rights, has nearly doubled to $45.5 billion. In comparison, global box office revenues have fallen from $41.9 billion in 2019 to $33.2 billion, highlighting a significant shift in entertainment preferences.

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