Underneath the staggering 32.5% decline in revenues for CD sales according to RIAA’s 2015 mid-year stats, there is one stunning figure: vinyl’s revenues have grown 52.1% over the last year.
Kept alive by hip audiophiles, vinyl’s resurgence—partially thanks to Urban Outfitters—has been nothing but impressive of late, raking in $226 million in the first half of 2015. That’s more than ad-supported streaming services like Spotify, which took in $162.7 million in the first half of 2015. Paid streaming services like Spotify Premium still monetize better than both, taking in $477.9 million in revenue.
I guess it’s time to haul in my old turntable from the garage. I think I paid about $150 for it 1978, which in today’s dollars is, oh, about $73,000 or so. Right? I mean, it’s a real record player from the days when we played records because that’s what music came on, and an antique like that gives your vinyl an authentic sound. Let’s see. How does Ethan Wolff-Mann put it? Oh yes: “Vinyl offers consumers a ritual experience they value, handling and interacting with something physical.” And that, my friends, is why my garage is worth a fortune. I shall start accepting bids shortly.