Music Industry's best year ever.

Record-breaking year 

 for the music industry 

Vinyl sales soar with other music

I was astounded to read this week that 2021 was the record industry's best ever year in terms of sales.  Just a few dollars short of $15 BILLION, thats up a whopping 23% on last year.  All that time locked down has obviously made people address their home music collections and start filling in the gaps they have wanted to for many years?

All major formats of music grew versus the prior year with the exception of digital downloads. Paid subscriptions continued to be the biggest growth driver, resulting in the sixth consecutive year of growth for music revenues.

Bear in mind that musicians have been in lockdown too - no live gigs, so they are presumably earning more than ever before?  Some have home studios now, which helps and means there has been a continuing flow of new music available, although its in 'back catalogue' that most growth has taken place.  (Information accounts for some of the growth; taking that into account means that 1999 just shades last year).

The advance in digital sources of music has had some effect too of course; streaming and downloads have matured tremendously in recent years, but there is more competition now from screen driven entertainment (YouTube, TV, Til-Tok and games)  though music companies still benefit from those too. 

Streaming accounts for many formats; regular paid subscriptions, advertising-supported music streaming services, digital and customized radio, and licenses for music on Facebook, etc.  All formats together show a growth of 24% in 2021 to total $12.4 billion, which is 83% of total revenues. TikTok revenues for music used are now included too. 

Vinyl continues to grow and now accounts for  $1 billion of sales. Both vinyl and CD both grew last year - that last time that happened was back in the 90s!  Vinyl products accounted for 63% of sales last year, an incredible revival. Considering that most record stores were close most of the year thats even more remarkable. 

 Last year both vinyl and CD sales made the same amounts, with 

Figures provided by RIAA.