According to TechSpot , the music industry is witnessing a strong rise of vinyl records, with sales of this classic medium on track to surpass those of CDs. This is an amazing turning point, marking a spectacular comeback for the once-obsolete method of storing analog audio.
Vinyl records 'dethrone' CDs, helping music 'surpass' cinema
PHOTO: TECHSPOT SCREENSHOT
'Usurping' CDs, vinyl records bring the music industry up
According to a new report from Will Page, former chief economist at Spotify, vinyl records are expected to surpass CD sales in the US by $1 billion by 2024. This trend is also happening globally. The vinyl renaissance is attributed to increased supply and plummeting shipping costs.
Previously, the Recording Industry Association of America (RIAA) also said that vinyl sales had surpassed CDs in 2023, marking this year as the second time this has happened since 1987.
The report also found that the value of music copyrights has nearly doubled in the past 10 years, from $25 billion to $45.5 billion. This has helped the music industry surpass and 'dethrone' the film industry as the more profitable entertainment industry. Meanwhile, the global box office revenue of the film industry has fallen sharply compared to its peak in 2019.
Additionally, music streaming has surpassed radio and traditional broadcasting platforms to become the music industry's dominant revenue source.
The return of vinyl records is not only a nostalgic trend, but also reflects the need for music lovers to experience music in a more authentic, 'emotional' way.
In Europe, the entry of major vinyl record manufacturers is also gradually bringing in supply to meet the growing demand, promising a bright future for the vinyl record market.
Source: https://thanhnien.vn/dia-than-vuot-mat-dia-cd-hoi-sinh-mot-cach-ngoan-muc-18524120117213946.htm
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