[UPDATE:] The nostalgic vinyl boom of the 2010s is allegedly still going strong, as vinyl record sales have not dropped this year as was originally reported. Vinyl still sells better than any other physical music media, and that has allegedly seen a slight increase since 2023, according to data from Luminate.
A previous report by Billboard highlighted a 33% decrease in sales this year. The report alleged that vinyl sales had fallen rapidly from 34.9 million units in 2023 to 23.3 million in 2024, but that has since been proven incorrect.
The incorrect statement allegedly came from a change in the methodology used to count vinyl sales at the entertainment data company Luminate. This change allows Luminate to collect data from more sources than ever before in the U.S., leading to more independent retail data. The new partnership with the Coalition of Independent Music Stores, Alliance of Independent Media Stores, and Department of Record Stores, as well as Music Business Association, took place in April 2024.
Because of this change in data collection, it’s not feasible to compare 2024 sales to 2023 sales. According to Luminate, vinyl record sales have actually increased 6.2% in 2024.
[RELATED: The Rebirth of Vinyl: Why Old-School Record Collecting Is Back]
Inflation Makes Vinyl Record Collecting an Expensive Hobby, But Fans Are Committed Despite Rising Costs
There are still many collectors and hobbyists around who keep physical media afloat. However, inflation may have a hand in some things. Vinyl record collecting has long been an expensive hobby since the resurgence in the 2010s, but now prices are getting a bit out of hand.
Prices are rising around the world as inflation does its thing—gas, housing, groceries. Even vinyl records. During the pandemic, there was demand for things but not enough supply, leading to increased prices. Those increased prices have not changed much since then. Vinyl sales may not have been affected by decreased nostalgia but by increased prices with stagnant wages that can’t keep up with inflation.
Music enjoyment is being classed as a luxury now, with new album prices rising beyond what should be acceptable. $30 to $50 for a vinyl record is absurd for most people, with the amount of average disposable income shrinking rapidly. There’s just no room in the budget for music anymore.
Additionally, concerts and festivals are feeling the blow as well. With the advent of Ticketmaster’s Dynamic Pricing, there have been complaints. Additionally, scalpers hound the website, buying up tickets and reselling them at double or triple what they should cost. Fans want to hold artists responsible for their ticket pricing. However, they are also going after Ticketmaster and Live Nation, who hold an incredible monopoly over live music.
The music industry is at a crossroads. Ticket prices getting out of hand, vinyl sales down, and digital streaming platforms giving artists meager payouts. But where do the problems really lie? That’s the question music lovers should be asking themselves—is it the industry itself? Or has inflation finally wormed its way into every corner of our lives? Even the things that are supposed to be enjoyable escapism?
Featured Image by Simon Wohlfahrt / AFP
Local News
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