![]() The rise and fall of music formats over the last half-century for vinyl records, 8-track tapes, cassette tapes, CDs, digital downloads, and now streaming music is a good example of the economic concept of “ creative destruction” in the recorded music business. the rise in the market share of paid digital subscription/streaming services starting from only a 1.2% market share in 2005 to surpassing the market share for CDs in 2014 (by 27.4% to 26.6%) and then surpassing the digital download music share (34.7% to 33.7%) the following year on the way to a majority market share in 2016 (52.4%) and then the new 84.2% record-high market share this year through June.Through mid-year 2022, the market share for downloaded music fell to 3.3%, the lowest since a 1.5% share in 2004 when iTunes were first available the rise in the market share of downloaded music (singles and albums) from 1.5% in 2004 to a peak market share of 41% in 2012 when it surpassed the CD market share for the first time.This year CDs sales represented only 2.6% of recorded music sales, the lowest share since 2.4% in 1984, and CDs only accounted for 26% of physical sales revenues, while vinyl accounted for nearly 3/4 of physical format revenues. the gradual rise of CDs starting in 1983 when they were only 0.50% of recorded music sales, overtaking LP sales in 1987 and then cassette sales in 1991 before reaching a peak market share of 95.7% in 2002.cassette tapes outsold 8-track tapes for the first time in 1980 and then outsold LPs in 1984 for the first time and maintained at least a 50% market share between 19.the fall of 8-track tape sales from about a 25% market share between 1973-1976 to 0% by 1982 as cassette tapes entered the market.The 7.4% format share for vinyl records in the first half of this year was the highest share for LPs since 1988. ![]() the remarkable resurgence of vinyl record sales in the first half of 2022, which have exceeded the market share of CDs for the first time in 2020 (5.4% vs.the dominance of vinyl records from 1973 through the early 1980s with more than a 50% market share in every year until 1984, and at least a two-thirds market share until 1980.In the visualization above you can see the following: ![]() At wholesale value, revenues grew 8% to $4.9 billion. The number of paid subscriptions grew to a record high of 90 million, with revenues up 10% to $5.0 billion and comprising almost two-thirds of the first half total. recorded music revenues in the first half of 2022 rose 9% to $7.7 billion at estimated retail value, building on the strong growth experienced the prior year. The RIAA reports this summary for music sales during the first half of this year: My latest animated “bar chart race” visualization above (click the arrow to start) shows the format shares of recorded music sales annually from 1973 to 2022 based on new mid-year sales data that were released today by the Recording Industry Industry Association of America (RIAA) for the first half of 2022. ![]()
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