Vinyl sales have risen for the 16th consecutive year in the UK in 2023 and are growing at their fastest rate this decade.
Following a 2.9% improvement in unit sales last year, the vinyl market in 2023 has increased more than four times as fast with an 11.7% rise to 5.9 million units. This is according to a report from the British Phonographic Industry, BPI.
The increase has been led by brand new releases from artists including Ed Sheeran, Lana Del Rey, Lewis Capaldi, The Rolling Stones, and Taylor Swift.
The ever-rising demand for vinyl albums and other physical formats reflects a thriving market for music on the high street thanks to the popularity of countless independent record stores across the UK, as well as the success of specialist music and entertainment chain HMV, which in November re-opened its original flagship store on London’s Oxford Street after a four-year absence.
While more than four-fifths of recorded music consumption in the UK is now made up of streaming, demand for vinyl LPs continues to surge, with the market at its highest annual level since 1990. This includes over 250,000 vinyl albums having been sold during the last week of 2023, making it the highest sales week for the format this century.
Additionally, the CD market has sustained its smallest annual decline in nearly a decade this year as it moves closer to plateauing. Nearly 11 million CDs, which remain important commercially and to Official Charts success, were sold across the year, while sales of cassettes topped 100,000 units in a calendar year for the fourth consecutive year.
Dr Jo Twist OBE, BPI Chief Executive, said: “Led by vinyl, the resurgence of physical product underlines the resilience of the UK music market at a time when streaming consumption continues to hit record levels. Whilst LP sales have now been on an upward path for the past 16 years, it is encouraging to see a stabilisation in demand for CD, as well as new generations of music fans falling in love with the cassette. It is giving people more choice than ever in how they enjoy their favourite music.”