The numbers are out and you’ll be surprised to know that last year the record industry made more money from vinyl records than from YouTube. According to the Recording Industry Association of America, even though billions of songs were streamed on platforms like Spotify and YouTube, they still brought in lower revenues than vinyl records. It’s rather amusing since streaming music on these platforms had almost doubled when compared to the previous years. The association mentioned that even though interactive platforms like YouTube have many ads, which are viewed regularly, they were still lagging behind in terms of bringing in revenue.
To be more specific, YouTube and Spotify brought in $385 million; while the 17 million vinyl discs that were sold brought in $422 million. Yes, that’s a huge difference in my opinion.
For many years, the music industry lost millions of dollars in the piracy scam. However, today, streaming is more popular than downloading; which is more openly welcomed. However, like the numbers suggest, LPs and vinyl records still have an upper hand when it comes to bringing in revenue. In fact, in 2015, more than 2 million LPs were sold across the UK. Artists in the UK like Adele and Ed Sheeran have sold more albums worldwide than most other artists. Adele’s album called ‘25’ sold over 17.4 million copies in no time!
However, in the future, it is more likely that streaming will overtake the remaining mediums. Thanks to the digital service, subscription money and advertisements; streaming music will bring in more and more revenue. However, for those collectors who truly understand the value of good music, their passion of collecting vinyl records will still continue, irrespective of what the numbers suggest. As of today, the old school format is still more popular than its digital counterpart. Let’s see which medium does its best in the race to be the most sought after medium of listening to music in the years to come.