Yet another unexpected turn for the vinyl industry?
That's what the latest vinyl sales figures in the UK seem to confirm, constantly breaking new records!
While vinyl sales have been on the rise for over 15 years, the pace has accelerated in 2023. Sales have never been more robust in this decade. Following a 2.9% improvement in unit sales in 2022, the UK vinyl market in 2023 saw a much more significant increase, reaching 11.7% year-over-year.
Despite over 80% of recorded music consumption now being streaming in the UK, the demand for LP vinyl continues to grow, reaching its highest annual level since 1990.
But why such a sudden increase in 2023?
This year was marked by new releases from artists such as Lana Del Rey, the Rolling Stones, Taylor Swift, and many others. However, the top-selling podium also features timeless classics like Fleetwood Mac's "Rumours" and Pink Floyd's "The Dark Side Of The Moon."
So, an increasingly popular music streaming trend coexists with a resurgence of physical music consumption on vinyl.
Is vinyl the only physical music format experiencing such success?
Well, yes and no.
While CD sales have been declining for over a decade, they are now beginning to level off. However, cassettes are making a comeback with increased popularity. Nevertheless, the growth in cassette sales needs to be nuanced compared to the magnitude of the "vinyl trend".
What are the takeaways ?
The vinyl industry continues to surprise with record sales in 2023, marking a notable acceleration. Despite the dominance of streaming, demand for LP vinyl reaches new heights, fueled by releases from contemporary artists and classics. While vinyl remains dominant, other physical formats are stabilizing, including a rising popularity of cassette tapes.