Vinyl records are more popular than ever.

And for the first time since 1987, they have outsold CDs.

2022 marked the 16th consecutive year of growth in vinyl popularity, with 41 million vinyl records sold – compared to just 33 million CDs.

Streaming is still the biggest driver of growth in the music industry, taking up 84% of recorded-music revenue.

However, physical formats have resurged in recent years.

Vinyl revenue grew 17% to over $1.2B in 2022, accounting for about 3/4 of the total revenue of physical music.

And CD revenue fell 18% to just $483M.

Paid subscription services (Spotify, Apple Music, etc) raked in $10.2B from 92 million paid subscribers. Ad-supported streaming (YouTube, etc) brought in $1.8B. Digital downloads brought in $495M.