Despite vinyl record sales increasing due to the 'hipster revolution' these sales have still not overtaken the streaming services such as spotify. In the first half of the year, vinyl sales have significantly increased, showing that Americans are willing to spend more money on vinyls than on the streaming sites. However with royalties and subscriptions, steaming sites easily overtake vinyl sales. Although streaming sites easily take over the vinyl sale, vinyls have broken through the million mark in 2014, since 18 years ago. With this, official charts are considering creating another chart for vinyl records.
- US consumers spent $226m (£149m) on vinyl albums and singles in the first half of the year, surpassing $162.7m in revenues from ad-supported streaming.
- Paid-for subscriptions – such as Spotify's £9.99 Premium service – added $477.9m to recorded revenues from streaming sites.
- Royalties from digital radio services contributed a further $387.2m
I believe that the growth in vinyl sales is only temporary and the craze of buying records will die down. I think eventually, streaming sites will also die down as people will find alternative sources to find free music.
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