While physical music sales are on the rise in the UK, a new report reveals that vinyl sales in the US have dropped by a third. Billboard’s latest music consumption report shows that record sales across America have seen a significant decline of 33% in 2024.
In 2023, vinyl sales reached 34.9 million units, but the latest data indicates a sharp drop to 23.3 million in 2024.
Vinyl isn’t the only format affected. CD sales have fallen by 19.5% compared to 2023, and digital album sales have dropped by 8.3%. Overall, album sales in the US have declined by 23%, falling from 75.5 million units in 2023 to 57.7 million in 2024. This drop is likely influenced by economic factors, with vinyl records averaging around $40 and some box sets and reissues costing as much as $200.
The report paints a different picture compared to the UK, where physical music sales have been growing. Earlier this summer, it was revealed that UK physical music sales were on track for their first increase in two decades, following years of decline due to streaming dominance.
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According to the Official Charts Company and BPI, physical album sales in the UK rose by 3.2% in the first half of 2024, with 8,044,760 units sold. This marks the first growth since 2004, when digital and streaming platforms began dominating the market.
A major factor in this increase is the success of Taylor Swift’s ‘The Tortured Poets Department’, which sold 254,241 copies in the first half of the year. Other key contributors include Billie Eilish’s ‘Hit Me Hard and Soft’ (45,434 copies), The Last Dinner Party’s debut Prelude To Ecstasy (42,352 copies), and the self-titled album from Liam Gallagher and John Squire (46,982 copies).
Image Courtesy: Audacy
This surge in UK sales comes as vinyl records continue to thrive. In April, vinyl sales reached their highest weekly total in 30 years, and independent record shops in the UK hit a 10-year high. Sales of vinyl records have also reached their highest level since 1990.
BPI’s analysis points to the growing demand for vinyl albums and other physical formats, reflecting a robust market for music on the high street. The revival of independent record stores and the success of retailers like HMV, which reopened its flagship Oxford Street store last year, are key drivers. Even iconic UK music store Our Price has made a comeback, 20 years after its closure.
—Silviya.Y