Vinyl is crushing CDs as music industry eclipses cinema, report says

Retro reconnaissance: It's a piece of news that would have been unthinkable a decade ago, but it's happening: Vinyl record sales are poised to eclipse CDs in the near future. And in an even more surprising twist, the music industry as a whole has leapfrogged the movie business to become the bigger breadwinner.

These revelations come courtesy of a new report on Pivotal Economics authored by Will Page, Spotify's former chief economist who has been tracking the value of the music business for the past ten years.

Page's findings paint a vivid picture of vinyl's renaissance. His data indicates that in the US alone, vinyl sales are projected to bring in a staggering $1 billion for record labels in 2024. This means that vinyl revenues will soon surpass those of CDs, a feat that will be replicated globally.

Vinyl's unit sales already exceed those ...