Record Sales (mostly new vinyl) in 2023

Let’s look at the numbers

In a world dominated by digital streaming, the vinyl record industry continues to defy expectations, showing remarkable growth and resilience. The year 2023 marked another milestone, with new vinyl sales reaching new heights and solidifying its place in the modern music landscape. Let's dive into the numbers and trends that defined vinyl's success in 2023, with a focus on the United States market and some global perspectives.

Record-Breaking Sales Figures in the United States

According to the Recording Industry Association of America (RIAA), new vinyl record sales in the United States reached $1.2 billion in 2023, marking a 17% increase from the previous year. It's important to note that these figures represent only new vinyl sales in the U.S. and do not include the second-hand market.

The second-hand market is big and informal, which means it’s more difficult to get accurate statistics on exactly how many units were sold in total, however Discogs arguably the largest database of vinyl in the world, released the following information. In 2023, sales of vinyl, CDs, and cassettes surged by 8.9% to reach $87 million, which is more than 15.6 million physical items.

This growth outpaced CD sales for the third consecutive year, further cementing vinyl's position as the preferred new physical format for music enthusiasts in America.

Global Trends

While the U.S. market leads in vinyl sales, the resurgence is a global phenomenon:

• United Kingdom: New vinyl sales hit £150.5 million in 2023, up 11% from 2022, as reported by the British Phonographic Industry (BPI).
• Germany: The Federal Music Industry Association (BVMI) reported a 5.5% increase in vinyl sales in 2023.
• Japan: The Recording Industry Association of Japan (RIAJ) noted a 10% growth in vinyl sales.
• Australia: ARIA (Australian Recording Industry Association) reported a 15% increase in vinyl revenue.

Demographic Shifts in the U.S.

A survey conducted by MRC Data revealed that 15% of Gen Z consumers (ages 13-23) in the United States purchased new vinyl records in 2023, up from 11% in 2022. While this data is specific to the U.S., similar trends have been observed in other countries, suggesting a global shift in younger demographics embracing vinyl.

“Gen Z’s enthusiasm for all things touchable is resurrecting the analog economy…” Fortune Media July 2024

Best-Selling Albums (U.S. Market)

No surprise then that Taylor Swift's "Midnights" topped the new vinyl charts in the United States in 2023, selling over 945,000 copies. Other top-selling new vinyl albums in the U.S. included Lana Del Rey's "Did You Know That There's A Tunnel Under Ocean Blvd" and Arctic Monkeys' "The Car."

And then there’s Record Store Day

Record Store Day, while originating in the United States, has become an international event. In 2023, it was celebrated in over 20 countries, contributing to global vinyl sales figures.

Billboard reported in 2023: “RSD helped drive a modern-era record of 1.426 million vinyl albums sold in the U.S. at independent shops during the week ending April 27.” Record Store Day 2023 set an all-time high for vinyl sales in Luminate’s indie sector since tracking began in 1991.

The Average Cost of Vinyl Records

In 2023, the average price of a new vinyl record in the United States ranged from $25 to $35, according to data from the RIAA and market research firms. However, prices can vary significantly in different countries due to factors such as import costs, local production capabilities, and market demand.

For example, perusing the Popsike listings you’ll find TAYLOR SWIFT 2017 REPUTATION ORANGE FYE VINYL (Sealed), valued at an eyewatering $2,750 but that’s not the most expensive record by a mile.

The most expensive record sold between 2020 & 2023, via Discogs, was Choose Your Weapon by Scaramanga Silk (2008) for a whopping… wait for it… $36,585

Challenges and Opportunities

The challenges faced by the new vinyl industry, including production bottlenecks and rising raw material costs, are global issues affecting manufacturers worldwide. Innovations in production, such as new pressing plants and eco-friendly vinyl alternatives, are being explored in various countries. New, smaller, record plants are popping up all over the world which is very encouraging, but we have a long way to go with an estimate of only 100 plants in operation today.

Streaming and Vinyl: A Global Symbiotic Relationship

The complementary relationship between streaming and vinyl sales appears to be a global trend. Industry experts worldwide have noted that listeners often discover new music through streaming platforms and then purchase their favorite albums on new vinyl for a more immersive listening experience.

In 2022 the World Economic Forum published a piece claiming a large contributing factor of the 50% growth in vinyl sales could be attributed to streaming services. It makes sense given the expense and often the difficulty in finding the vinyl record you’re hunting for that you would make use of a Spotify et al to enjoy the music in the meantime.

To that end, we built a webtool that essentially acts as a bridge between Spotify and Discogs to help facilitate the journey of the vinyl collector to find what they’re looking for faster. Rekkid Hunter is now live, in Beta testing phase, and looking for vinyl collectors the world over to put it through its’ paces. So, if you’re a collector and you have a Spotify account, here’s the link you need https://rekkidhunter.com  

Finally

The resurgence of new vinyl records in 2023 is a global phenomenon, with the United States leading in terms of market size and growth. While the specific figures mentioned in this post are primarily from the U.S. market, the overall trends – including increasing sales, changing demographics, and the interplay between digital and analog formats – are observed worldwide.

It's crucial to remember that the impressive sales figures and trends discussed in this post pertain specifically to new vinyl sales and do not include the second-hand market. The global nature of this resurgence underscores vinyl's universal appeal and its ability to thrive in diverse markets alongside digital formats.

As we move forward, it will be fascinating to see how the new vinyl industry adapts to changing consumer preferences and technological advancements on a global scale, while maintaining its unique charm that has captivated music lovers across different cultures and generations.

Sources:
Recording Industry Association of America (RIAA) - Year-End 2023 Revenue Report
British Phonographic Industry (BPI) - Annual Report 2023
MRC Data - U.S. Year-End Report 2023
Billboard - Year-End Charts 2023: Top Vinyl Albums (U.S.)
Record Store Day - Official Website and 2023 Press Release
Music Business Worldwide - "Vinyl's Growing Pains: Industry Tackles Production Challenges" (2023)
Statista - "Average price of LP/EP vinyl albums in the United States from 2011 to 2023"
Federal Music Industry Association (BVMI) - Annual Report 2023
Recording Industry Association of Japan (RIAJ) - Year-End Report 2023
Australian Recording Industry Association (ARIA) - Yearly Statistics 2023