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Here’s how music formats have changed since the 1970s
Up the stream
With the 66th Grammy Awards in Los Angeles Sunday, Feb. 4, here’s a look at the modern world of music.
U.S. music formats from 1979 to 2022 according to RIAA
The music business is doing well, according to the Recording Industry Association of America. The most current figures are for 2022 and show the most revenue in its history, $15.9 billion.
In 2023, 78% of adults (up from 68% in 2022) used a music streaming service of some kind. According to Global Web Index, Gen Z leads the way with the highest average streaming times, accessing favorite tracks across multiple platforms.Streaming platforms are web-based services that allow users to listen to high-definition music without having to download and store large files.
In 2022 the paid subscription format accounted for 57.8% of total music revenues, with $9.2 billion of a $15.9 billion total.
Vinyl resurgence?
In the 1970s vinyl sales accounted for 66% of music format revenues. But by the 1990s sales dipped to less than 10 million units and 0.1% of market share.
In 2022, vinyl LP sales were $1.2 billion, 7.7% of total revenue (up from 6.9% in 2021).
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