Vinyl
Recorded music revenue in the United States notched record-high revenues of $17.7 billion in 2024, marking a modest 3% increase from 2023 but capping a ninth straight year of upward mobility for the U.S. business, according to the RIAA. Like a broken record, this growth was once again primarily driven by streaming and the enduring popularity of vinyl.
The music industry’s total revenue gain of 3% in 2024 is a decrease from the 7.7% increase seen in 2023.
Streaming continued to dominate the music industry, accounting for 84% of total revenues for the third consecutive year. Streaming revenue grew by 4% to $14.9 billion, with paid subscriptions the leading contributor, rising 5% to $11.7 billion, which alone made up 79% of all streaming revenues and nearly two-thirds of all recorded music revenue.
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For the first time, the number of paid subscriptions surpassed 100 million, increasing by 3% from the previous year’s tally of 97 million.
However, revenue from limited-tier subscriptions — which include services like Amazon Prime, Pandora Plus, fitness streaming services and other paid subs that don’t offer full, on-demand catalogs — declined by 2% to $1 billion. It’s an improvement over 2023, though, when that drop was 4%.
Reversing last year’s gains, ad-supported streaming experienced a slight decline. Revenue from ad-supported on-demand music services like YouTube and Spotify’s free tier dropped by 2% to $1.8 billion. (Last year it was 2% but in the black.) Digital and customized radio services, including SiriusXM, grew modestly by 3% to reach $1.4 billion. SoundExchange distributions, which handle payments for artists and copyright holders, rose by 5% to $1.1 billion, while other ad-supported streaming revenue fell by 4% to $306 million.
Most physical music formats saw a continued resurgence, with total revenues increasing by 5% to $2 billion. Vinyl was the standout performer yet again, growing by 7% to $1.4 billion, marking its 18th consecutive year of growth. Vinyl albums outsold CDs, with 44 million units sold compared to 33 million CDs. A year prior, those numbers were 43.2 million and 37 million, meaning the gap between the physical cousins is growing. Despite these trends, CD revenue still grew by 1% to $541 million compared to $537.1 million.
Digital downloads continued their downward spiral, decreasing by 18% to $336 million, compared to $434.1 million in 2023. This category now represents only 2% of the total music industry revenue, a significant drop from its 2012 peak when it accounted for 43% of the market. Both individual track and album downloads saw double-digit percentage declines.
The overall percentage breakdown between digital and physical revenue—88% to 12%—has remained consistent since 2018, with only minor fluctuations of 1% in either direction over the years. At the wholesale level, total revenue increased by 2.7%, rising to $11.3 billion from last year’s $11 billion, marking the third consecutive year this metric has surpassed the $10 billion mark.
The organization noted that this marks the first year of direct reporting from independent labels, including sync revenue estimates from indie sources.
RIAA chairman & CEO Mitch Glazier highlighted the “historic milestone” of over 100 million paid subs driving two-thirds of revenues, calling it an “extraordinary achievement by an industry that has successfully focused on its creative and commercial core by championing innovative new services, options, and experiences that add real value for fans.”
Glazier added: “Music has never been more dynamic, compelling, and relevant – reaching out beyond our earbuds with conversation-driving cultural touchstones like unforgettable halftime performances, historic television moments or must-see films and biopics. And American fans and superfans’ dedication to the artists they support promises an even brighter future as record labels work to create new opportunities that boost incomes for artists and diverse revenue streams to grow the pie for everyone with a stake in the music economy.”
RIAA’s Year-End Report By the Numbers:
The U.S. recorded music industry reached an all-time high of $17.7 billion in estimated retail value.
Streaming generated $14.9 billion — making up 84% of total industry revenue.
Paid music subscriptions surpassed 100 million for the first time, contributing $11.7 billion, nearly two-thirds of total revenue.
Vinyl sales increased for the 18th straight year, reaching $1.4 billion, the highest level since 1984.
For the third year in a row, vinyl records (44 million units) outsold CDs (33 million units).
LONDON — Proper Music Group, the U.K.’s leading physical distributor for independent labels and artists, has been acquired by Netherlands-based Artone, bringing an end to a tumultuous three-year period during which the firm was owned by Swiss fintech company Utopia Music.
Completion of Artone’s acquisition of Proper Music Group was announced by the company Friday (Feb. 28), one day after Proper was placed in administration (roughly equivalent to Chapter 11 bankruptcy protection).
The new ownership structure sees Proper’s longstanding managing director, Drew Hill, take a minority stake in the British firm, which handles physical distribution for more than 5,000 indie labels, as well as provide a range of digital distribution, publishing and artist and label services for artists and music companies.
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Proper’s clients include Absolute Label Services, Believe, Cherry Red, Concord, Epitaph, FUGA, The Orchard in addition to Warner Music Group-owned ADA and Sony Music Group-owned AWAL. The company says its clients collectively make up around 13% of the United Kingdom’s physical music market, which totaled £330 million ($412 million) in 2024, up 6.2% on the previous year, and accounting for nearly 14% of music revenues, according to figures from the Digital Entertainment and Retail Association (ERA).
Announcing the acquisition of Proper, Artone CEO Jan Willem Kaasschieter said the company plays “a vital role in the supporting independent labels and artists in the U.K. By bringing Proper Music Distribution into the Artone family, we ensure its continued success and provide stability for its partners.”
“We now have some certainty about the future,” a relieved Hill tells Billboard. He describes the past three years of Proper being owned by Swiss fintech firm Utopia as being like a “pantomime rollercoaster” that has seen the company often existing “under a cloud” of negativity. “I’m glad it’s finally over,” says Hill, who continues as managing director of Proper Music Distribution.
Got records? A wide view of the Proper warehouse in Dartford.
Proper Music Group
Utopia Music had originally acquired Proper for an undisclosed sum in January 2022 as part of a frenetic buying spree that saw the Swiss fintech firm rapidly acquire 15 companies spanning music tech, finance, publishing, marketing and distribution over a two-year period.
A just-as-quick downsizing followed, encompassing multiple rounds of job cuts, company divestments, numerous legal actions and successive executive departures, including the exit of co-founder Mattias Hjelmstedt.
Early last year, Utopia rebranded as Proper Group AG, named after its core physical music distribution business, but the widespread changes failed to turn the company around. In September, the firm was placed into bankruptcy by a Swiss court over an unpaid debt of 23,000 Swiss Francs ($25,000).
As a result of the court action, Utopia’s two main U.K. physical distribution businesses were placed up for sale with both attracting multiple bidders. Utopia Distribution Services, which was formerly known as Cinram Novum and whose clients include Universal Music Group, Sony Music Entertainment and [PIAS], was acquired by DP World Logistics for an undisclosed sum in December.
Artone and Hill’s subsequent joint acquisition of Proper Music Group is “fantastic news for the independent community,” says Gee Davy, CEO at U.K. trade body the Association of Independent Music (AIM).
“Drew’s 18 years’ experience at the helm of Proper Music Distribution combined with Artone’s pan-European expertise will no doubt ensure that the U.K.’s physical music sector continues to thrive,” says Davy in a statement.
“It’s an ownership structure absolutely rooted in what is our core business,” Hill tells Billboard, pointing to Artone’s range of physical music solutions, which includes its own vinyl pressing plant, the Netherlands’-based Record Industry, capable of pressing 40,000 to 60,000 records per day, as well as Bertus Distribution, one of Europe’s largest independent distributors. Artone additionally operates several indie labels, including Music On Vinyl and V2 Benelux, and last year acquired U.K. D2C e-commerce music retailer and distributor Townsend Music.
The production line at the Proper warehouse in Dartford.
Proper Music Group
“Utopia never really understood what Proper was or what we did or maybe even why they bought us,” says Hill. “Day-to-day, operationally nothing really changed under their control but what was always difficult was the negative association. It just became a PR disaster and I was constantly having to reassure labels that whatever they were reading about the parent company, their money and their stock was safe. It’s great that I no longer have to do that.”
Hill says the financial losses suffered by Proper Music Group, which was a profitable company prior to 2022, over the past several years are spun out of Utopia’s kamikaze approach to business, which prioritized turnover over profit. According to its most recent Companies House figures, Proper made a loss of £1.9 million in the year ending Dec. 31, 2022. There will be further losses to be reported in 2023, says Hill.
“Now we can go back to making sure we’re growing as a sustainable business rather than just growing for growth’s sake,” he states. “The physical music business is in a very healthy place right now and Proper will continue to be right at the heart of it.”
Record Store Day on April 12 will feature more than 300 titles being released, including collectible music from Elton John, Post Malone, Prince, Gracie Abrams, Queen, Taylor Swift, John & Yoko, Charlie XCX, the Killers & Bruce Springsteen, and many more.
As usual, the vast majority of the releases are vinyl LPs, many with a color or picture-disc slant; and also as usual, most releases will be in limited supply.
This will mark the 18th year of RSD, launched back in 2008 after the idea emerged at a gathering of indie record store owners and label executives. Since then, the event has single-handedly revived vinyl into a viable music format that sells over $1 billion annually in the U.S. alone. What’s more, RSD has also evolved into an international event.
Each year, stores wait in anticipation to see which titles will emerge as must-haves on the big day — the kinds of drops that bring long lines of fans waiting outside participating stores. With a limited supply for most titles, it can mean fans shuffle from store-to-store seeking their sought-after title. But while searching for those titles, it can also mean finding an unexpected treasure.
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“The whole energy in a record store is just super inspiring,” 2025’s Record Store Day Ambassador Post Malone said in a statement provided by the RSD organization in announcing the event. “I feel at home. It’s really an unexplainable feeling to hit up a shop and dig through crates, just see what grabs your eye.”
Malone will issue his Post Malone Tribute to Nirvana, a 2020 livestream performance of Nirvana covers accompanied by blink-182’s Travis Barker on drums, guitarist Nick Mack and bassist Brian Lee. Moreover, 100% of net proceeds from the release will be donated to MusiCares’ Addiction Recovery/Mental Health division.
Malone will also be participating in another RSD release, which is also expected to be a hot item as its a collaboration with 2022’s Record Store Day Ambassador, who also happens to be the biggest music artist in the world, Taylor Swift. They will release their collaboration track “Fortnight,” on a double sided 7-inch vinyl single.
While RSD brings out plenty of long-time collectors, i.e. older demographics, it was Swift who helped spread the day’s popularity to younger fans in 2023 when she caused traffic jams at stores filled with fans seeking her special release of folklore, the long pond studio sessions — a double LP that year. Last year, keeping the young flowing to record stores included releases from Olivia Rodrigo, Noah Kahan, Chappell Roan and Sabrina Carpenter.
This year’s titles for younger music fans include: Gracie Abrams: Live from Radio City Music Hall; Beabadoobee’s Live and Acoustic in London; Megan Thee Stallion’s Traumazine on double black vinyl; and two releases from Charli XCX, the first a collaboration title, Guess featuring Billie Eilish, on 7-inch vinyl; and an edited version of prior release: Number 1 Angel, on apple-colored vinyl with a new RSD exclusive cover. That title’s tracks were previously part of a double-LP release Pop 2.
Moreover, RSD continues to diversify its genres offerings as rap and hip-hop fans will be able to seek titles from Cypress Hill, Anderson .Paak, Snoop Dog and a new release from the Wu-Tang Clan in a collaboration with Mathematics as they release Black Samson, The Bastard Swordsman: Wu-Tang, The Saga Continues Collection on 180-gram LP vinyl. What’s more Wu-Tang Clan are expected to make an appearance at the RSD press event today.
Jazz releases include music from Pharaoh Sanders, Thelonious Monk, Charles Mingus, Gerry Mulligan, and the Vince Guaraldi Trio; while Harry Potter fans will be treated to five different soundtrack albums from that movie series, all on double-LP, clear vinyl.
Finally, in a move to revive another marketing tool previously used to promote RSD, this year’s event will feature a “Record Store Day Song of the Year,” with the tag being applied to the double-a-sided 12-inch single of “Be Here Now,” done by the song’s author George Harrison on one side, with Beck’s cover tribute on the other side.
Other new RSD titles expected to be popular this year include a 12-inch EP collaboration between the Killers and Bruce Springsteen; a David Bowie live-stream from 2003 will now be available as a vinyl and CD release; and a 12-inch, 180-gram yellow vinyl release of John & Yoko with the Plastic Ono Band of their live 1972 One-To-One concert.
About a year and a half into Gimme Gimme Records’ existence in New York City’s East Village, a leak erupted from an upstairs tenant and landed directly on the only section of CDs. Shop owner and founder Dan Cook says he took the leak – supposedly caused by an upstairs tenant falling asleep while filling the bathtub – “as a sign from God.”
Cook admits that the CD section was quite paltry despite it being the mid-1990s, but he still decided to stick strictly with vinyl going forward.
Plus, he could stick with the tried and tested format since the small space he rented on East 5th Street was incredibly cheap. It was a small storefront, painted forest green with an overhang informing passersby that they both bought and sold records, that Cook shared with “an eccentric dude” who sold items he found on the street and taught piano lessons in the mornings.
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“The building was kind of crummy, honestly,” says Cook of the space he rented out a little over 30 years ago. “We were right next to the 9th Precinct, the police station, so kind of odd vibes for a record store. But for cheap rent, you put up with a lot.”
Despite the eccentric neighbors in the “old East Village,” as Cook puts it, the store was a legitimizing step up from the flea market where he was used to selling his collection. Growing up in Massachusetts, Cook was obsessed with vinyl and would buy records from yard sales and flip them at local record stores for albums he actually wanted. “Then, I moved to New York City and tried doing the same thing, and the stores were not as generous. It was just like, ‘here is 11 cents credit.’” he says, “So, I started saving them up and selling at the Chelsea flea market.”
Dan Cook
Jennifer Black
The store was only open Thursday through Sunday and served as a side business for Cook, who also worked at a bookstore and was the lead vocalist for the Matador Records-signed Lynnfield Pioneers, which formed in 1996 and disbanded by 2000. The band was self-described as “hip-hop-no-wave,” which seems fitting for Cook who calls himself and his store “generalist.”
“That’s something that used to set me apart in New York, being a generalist. I like all types of music. If I go through a box of country records or a box of hip-hop records, I know the good ones,” says Cook. “It broadens my opportunities to bring in stuff.”
The pre-streaming era was ripe with genre purists, but besides some questioning glances, Cook’s love for all kinds of music set him up for success whether it is purchasing new vinyl or sifting through used collections. A genre-agnostic store is more of the norm today and suits the pedestrian traffic of Gimme Gimme’s new location in Highland Park, a retro-leaning neighborhood in Los Angeles.
After 18 years in the New York location (and a rent increase of only $50 from 1994 to 2012), the owner of the East Village location sold the building and Cook decided to move the collection to Highland Park where he and his wife had moved in 2010. For two years, Cook had been assessing vinyl inventory over Skype with friends who were running the shop in New York. But once the building had a new owner, Cook found a 1,200 sq. ft. location on Highland Park’s York Boulevard. The street is full of vintage clothing and furniture shops, small cafes, a 100-year-old bowling alley and plenty of popular restaurants that keep the foot traffic steady in front of the new Gimme Gimme Records.
Gimme Gimme Records
Dan Cook
But the high concentration of vintage lovers also means there’s lots of competition in the area. There are six record stores within a half mile of Gimme Gimme Records, which Cook says both helps and hurts.
“Getting record collections is super competitive,” Cook explains. “I am not just competing with other record stores. There are people with Discogs or eBay and that’s their side hustle.”
On the bright side, having that many record stores in one area makes it a destination for folks visiting. The vinyl enthusiasts and foot traffic are especially valuable since Gimme no longer hosts live shows (they weren’t worth the effort) or sell much outside of its roughly 10,000-15,000 vinyl collection (Cook also collects and sells photography and art books that make up about 2% of Gimme sales).
With about 60% new and 40% used records and a hearty selection of all genres, Gimme is seeing Cook’s generalist tendencies paying off. When the store opened more than 30 years ago, Cook says the clientele was almost exclusively male, but now it’s not uncommon for him to look up from his back counter and see all genders and generations.
“When I first opened the store, it was just sweaty dudes. That’s a cliche, not everyone was, but now its teenagers coming in and grandma/granddaughter duos coming in,” says Cook. “It’s really amazing to see.”
More in this series:
Twist & Shout in Denver, Colo.
Grimey’s in Nashville, Tenn.
Home Rule in Washington, D.C.
Sweat Records in Miami, Fla.
After operating a store on the Sixth Avenue side of Rockefeller Center for a little over four years, Rough Trade is now opening a second location in the complex, the retail chain announced Thursday (Jan. 23).
While the smaller existing store at street level will now be known as Rough Trade Above, and will expand its focus on new vinyl, the new location will cover 4,000 square feet and feature “a large selection of artist/band merch, audio hardware” including turntables and Bluetooth speakers, large sections of new and used CDs and vinyl records, plus movies, collectibles and more.
Since it will be housed in the below street-level retail concourse that connects the world-famous Rockefeller Center to the B/D/F/M subway station, the new store will be known as Rough Trade Below. Just like the Sixth Avenue location, which sees heavy foot traffic walking past the store, located between 49th and 50th Streets in Manhattan, the concourse has a steady crowd flow from the subway. What’s more, the retail concourse, also known as Under 30 Rock, draws office workers from the surrounding office buildings. Altogether, the Rockefeller Center complex — which is home to the annual televised Christmas tree lightening that draws heavy foot traffic during the year-end holidays — enjoys 35 million visitors a year, according to Rough Trade.
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Rough Trade hasn’t yet disclosed a grand opening date for the new store but says it will open sometime this spring, with the company likely targeting an opening before Record Store Day in April.
“We’re extremely excited to be opening Rough Trade Below this spring, helping us further cater to the tremendous demand from music lovers across the five boroughs and beyond,” Rough Trade co-owner Stephen Godfroy said in a statement. “Creating a focus of counterculture in midtown Manhattan has thankfully proved to be a wildly successful move, and we look forward to creating an even stronger creative community as the year progresses.”
One way Rough Trade expects to do that is by bringing back its famed in-store performances, thanks to the new location’s larger footprint. While the smaller 6th Avenue store has hosted acoustic sets — Green Day, for one — and in-store signings, the new store will be able to handle a larger capacity crowd for performances and intends to bring in household names alongside below-the-radar bands across all genres, the company says. Other artists who have held events at the 6th Avenue store include Coldplay, Charlie XCX and De La Soul, among others.
“It’s clear that the ethos of Rough Trade—to narrow the gap between artist and audience—has struck a tremendous chord, here in New York,” Godfroy added. “Creating an even larger mecca for the music lover is an exciting prospect, especially for our intimate live events, where the world’s most exciting artists perform in-store for the admission of purchasing their new album.”
In-store performances were an exciting element of the original New York Rough Trade store, which opened in Brooklyn’s Williamsburg neighborhood in 2013 and closed in 2021. That store, housed in a 10,000-square foot space, was split about evenly between retail space and the club, with the latter hosting live concerts but also doubling as an in-store performance space, albeit one in another room separated from the retail section by a wall.
The new store will have a performance space directly within the store next to CD and vinyl racks on castor wheels, which when moved aside will allow for greater occupancy. According to Godfroy —who responded to an e-mail—the setup will accommodate more “intimacy and magic” at in-stores and “make performances all the more unique, memorable and special, for both artists and fans.”
The goal, Godfroy adds, is to “replicate the successful model of our U.K. flagship, Rough Trade East,” in London.
Since moving to Rockefeller Center, Rough Trade has continued to curate live public events, including its annual iNDIEPLAZA music festival and a quarterly concert series in the complex’s Rainbow Room. The Rough Trade presence has helped Rockefeller Center’s management company, Tishman Speyer, revitalize the complex, allowing it to remain “a dynamic destination” for New Yorkers and visitors, according to EB Kelly, Tishman Speyer’s senior MD and head of Rockefeller Center.
“We are thrilled to have Rough Trade expanding into a second location on campus, and join our Under 30 Rock collection of shops,” Kelly continued. “In just three years, the store has become one of Manhattan’s cultural touchstones and a pillar of Rockefeller Center’s dynamic transformation. New Yorkers have shown us how much they love the experience of the current store on Sixth Avenue, and the new space in our lively Under 30 Rock community will allow even more people to enjoy the musical taste of this legendary shop.”
The new Rockefeller Center location expands Rough Trade’s retail footprint to ten stores — seven in the U.K (of which four are in London, along with outlets in Bristol, Nottingham and Liverpool); one in Berlin; and now two in New York.
After helping to create the watery pink-and-gray cover art for Linkin Park‘s 2024 album From Zero, Frank Maddocks, the band’s art director, chopped the visual into five pieces and adapted them into collages for four alternate vinyl releases. “I wanted to develop these unique textures I could use for whatever kind of piece they could schedule, whether it was a different vinyl or CD configuration,” says Maddocks, Warner Records’ vp of creative, who has been working with the band on album artwork for 24 years. “It’s smart to think of, ‘What would be the next tier of this artwork?’ or, ‘How can it adapt and change?’”
From Zero came out with 17 alternate physical versions, known as variants, including 11 vinyl LPs, three CDs, a CD box set and two cassettes — and the combined sales of those variants contributed to Linkin Park’s debut at No. 1 on four rock album charts in late November, including Top Rock Albums and Top Hard Rock Albums. That may sound like a lot, but it’s now standard in today’s music industry, in which almost every hit artist, from Taylor Swift to Sabrina Carpenter to K-pop stars such as TWICE, ATEEZ and Stray Kids, markets highly priced variants to collectors and superfans.
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Today’s variant explosion is rooted in the early 2000s, when the Eagles’ 2007 album Long Road Out of Eden and AC/DC’s 2008 album Black Ice boosted their CD sales with heavily hyped Wal-Mart exclusives — and both landed No. 1 albums at a time when iTunes-style digital downloads dominated the business. In a way, these exclusives were the opposite of today’s variant explosion — each was available for sale at just one retailer. But they broke the dam. Up to that point, labels resisted deals involving exclusive albums for Wal-Mart, Best Buy or Target, fearing spurned old-school record stores might take out their frustrations by short-changing other releases. After the Eagles and AC/DC successes, artists and labels realized they could provide exclusives and release multiple separate versions, for sale directly to consumers through their own webstores or to multiple retailers. K-pop stars became masters of this practice, encouraging superfans to buy every single variant.
“The idea of having consumers run around and collect them all, and pick the best version of an album, isn’t really new,” says Adam Abramson, formerly Elektra Records’ head of sales and streaming. “In the mid-2000s, we could’ve had four or five exclusives — there might’ve been a Best Buy CD with two bonus tracks, a Target CD-DVD combo, Trans World would have a poster, Circuit City would have a T-shirt, Hot Topic would have some kind of merch item, the indies would have a promo item.”
Once streaming kicked in, artists and labels quickly realized CD sales had a disproportionate influence on the Billboard 200, so they could boost chart performance by offering fans extra material, like concert tickets or merch. For a while, the Billboard charts allowed artists to bundle physical albums with concert tickets. But that all changed when Billboard banned the practice in 2020. “The ticket bundles going away was almost a tipping point that opened the floodgates,” says Mike Sherwood, former executive vp of global commercial marketing and strategy at Capitol Records. “They had to be replaced by something, and that something became, ‘Well, this vinyl thing is happening over here, and you can make different colors and weights and packages.’”
As a result, many of today’s biggest artists have gone to extremes in putting out multiple variants. Swift is the master of this approach, scoring a No. 1 album earlier this year with the help of 859,000 first-week sales, including six vinyl versions of The Tortured Poets Department. And every time she sought a chart boost, she rolled out more versions — including not just physical LPs and CDs but digital downloads — allowing the album to remain atop the Billboard 200 for 17 total weeks. At one point in May, Tortured Poets managed to stay ahead of Dua Lipa’s No. 2 Radical Optimism, which arrived with 20 physical versions.
According to Luminate, in early 2019, the top 10 albums on the Billboard 200 arrived with an average of 3.3 different versions of physical albums per week. By the end of 2023, that number had jumped to an average of 8.9 versions. During this time — which included the pandemic, the greatest gift to the vinyl business since Michael Jackson’s Thriller — annual LP sales jumped from 18.8 million to 49.6 million. “It’s a great revenue play and the margins are solid, and for many years, it’s been a growing business,” says Tom Corson, co-chairman/COO at Warner Records, Linkin Park’s longtime label. “K-pop, to some degree, helped unlock this market, as we learn from their ability to service the fan. If that manifests itself in a greater chart result, great.”
The multiple-versions trend has gone over the top in recent years. Travis Scott’s 2023 album Utopia arrived with 31 variants — and hit No. 1, of course. Last year, The Rolling Stones put out limited $38 vinyl editions of Hackney Diamonds with artwork representing each of the 30 Major League Baseball teams, while a Saltburn soundtrack variant containing “bath water filled vinyl” sold out at prices ranging from $60 to $175. K-pop acts helped to pioneer this device and show no signs of stopping: In 2024, TWICE’s With YOU-th came out with 14 CD and three vinyl variants; ATEEZ’s Golden Hour: Part.2 had 23 CDs, six LPs and three digital downloads — and both hit No. 1 on the Billboard 200 in their debut weeks.
One artist who pushed back — gently — on the practice was Billie Eilish, who said she would limit her variants on 2024’s Hit Me Hard and Soft to a conservative eight, all packaged with recycled materials, but wound up releasing 14. “We are doing everything we can to minimize waste in every aspect of my music,” she said at the time.
But there are business downsides to the multiple-variant approach. “Fans are talking it up and figuring out what color or version they want, and there’s a fun element to that,” Abramson says. “But you’re making people choose, oftentimes with limited resources financially, which one they want, knowing they can’t get them all. It’s a little unfair to get them to spend maybe 40 extra dollars to get one extra song.”
The market for endless physical variants may show signs of over-saturation: Fall Out Boy’s 2023 album So Much (for) Stardust dropped with 31 physical versions in its first week, but LP copies were marked down by 30% during a recent holiday sale from retailer The Sound of Vinyl, suggesting low demand. “It’s a point of differentiation if you have something other people don’t have — that’s a lovely thing and you can market around it,” adds Carl Mello, director of brand engagement for New England music chain Newbury Comics, which benefits from variants when labels release exclusive LPs and CDs for release-date events and Record Store Day. But, he says, “The vinyl colors have been so omnipresent. By the time the 12th color rolls around, the average consumer will be like, ‘So what?’”
Labels nonetheless remain committed to their multiple-variant strategy — although, according to Peter Standish, Warner Records’ senior vp of marketing, they should study which artists’ fans crave collectors’ items and which ones don’t. Warner’s analytics department attempts to predict how many copies of a given album might sell so it doesn’t lose too much money, given the expense and long lead times for LPs. “We are trying to offer at least one configuration that’s competitive financially — then maybe more elaborate ones, with more packaging, for a harder-core fan,” he says. “But you also want to balance that with not overwhelming them with choice.”
A version of this story appears in the Jan. 11, 2025, issue of Billboard.
Instrumental soul music is not in high demand in 2025. But last summer, Fat Beats Records quietly moved hundreds of copies of El Michels Affair’s ‘Enter the 37th Chamber‘ — an anniversary edition of an album containing instrumental soul versions of the Wu-Tang Clan’s iconic hit “C.R.E.A.M.,” Ol’ Dirty Bastard’s “Shimmy Shimmy Ya,” Ghostface Killah’s “Cherchez La Ghost” and more.
The majority of direct-to-consumer sales came through TikTok Shop, an e-commerce platform inside the short-form video app that allows users to easily buy items without having to leave for another site. “We found some cool creators, sent them the vinyl, and they did an unboxing video, or talked about some of the tracks while playing the music in the background, and then linked directly to TikTok Shop,” explains Molly Bouchon, director of digital at Rostrum Records, which acquired Fat Beats in 2024. The El Michels Affair reissue is now sold out.
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TikTok Shop is relatively new and thus often overlooked by many artists and record labels, according to Itai Winter, vp of commercial partnerships at the marketing platform Genni, which helps match creators with music promotion campaigns. The fact that TikTok’s fate in the U.S. remains uncertain probably hasn’t helped; the Supreme Court will hear arguments on Friday (Jan. 10) about whether the app should be sold or shut down in the U.S.
Still, Winter estimates that “probably about a fifth of the For You page [on the app] are TikTok Shop-related posts” now. And harnessing that attention can pay off handsomely, at least when it comes to driving vinyl purchases: “We’re doing $15,000 to $20,000 in sales every month” through the platform, Bouchon says.
And she hopes there might be room to do more: “How do we make TikTok Shop a $40,000 or $50,000 a month revenue builder for us?”
TikTok officially rolled out TikTok Shop in September 2023 as part of a push into the lucrative world of e-commerce. “We have a very aggressive plan to make a splash in the industry and make sure that people out there understand that TikTok is a place for shopping,” Nico Le Bourgeois, head of U.S. operations for TikTok Shop, told The New York Times.
“With the number of people shopping on TikTok Shop every month nearly tripling since officially launching in September 2023, TikTok Shop is leveling the playing field so that any creator, merchant, brand and product can become a huge hit on our platform,” Le Bourgeois added in a recent statement to Billboard.
Genni became an official TikTok Shop partner as soon as it launched. “I got a really in-depth look and a chance to see what is actually driving sales,” Winter says. He frequently saw success when creators, rather than artists, posted about merchandise like records. Creators are incentivized to do so because they receive a commission on sales from links they share. Sellers can set commissions as they see fit; they’re often between 12% and 16%, according to Winter.
Alex F., who goes by plastic.disc on TikTok, is a self-professed “huge music nerd” who posts all manner of vinyl-related videos on the platform — “my $7,000 turntable set-up“; “more weird and unusual records in my collection!” He now often includes links to TikTok Shop and appreciates the commissions he receives from sales because they help feed back into his vinyl habit. (Though he would post the videos “even if I wasn’t making money — it’s what I love,” he says.)
These clips can spread far and wide: A plastic.disc post about Mac Miller’s 7″ single “The Spins” earned more than 2 million views, helping to move 744 copies of the record through TikTok Shop in a single week in October.
Winter has worked out a rough rule of thumb: A million views on a TikTok video with a TikTok Shop link usually translates to around $6,000 to $8,000 in LP sales. “It’s really convenient for people to see an unboxing video, think, ‘That’s cool,’ and go buy it,” says Alex F. TikTok has “primed their users to make transactions quickly,” adds Carly Redford, former director of e-commerce at Manhead Merch.
“I unfortunately know that,” Bouchon jokes. “I swear every day I get something from TikTok Shop.”
While TikTok Shop has the potential to turbocharge sales, many merchandise companies are not yet equipped to pivot rapidly to meet unexpected geysers of demand. They tend to work on months-long time horizons leading up to a release date. But release dates don’t matter as much on TikTok, which has consistently rejuvenated older songs.
As a result, “A lot of the fulfillment centers are having difficulty,” according to Johnny Cloherty, co-founder of the digital marketing company Songfluencer. “TikTok requires you to ship within two business days, and that’s tough for larger merchandise companies.”
One record that Winter was promoting went out of stock five times over the course of three months. In a way, this is a good problem to have. Still, “It can be frustrating,” he says. “You wake up to a viral video, and you’re selling 10 units an hour. Call the distribution center, and they’re like, ‘Don’t worry about it, we’ll send you another batch in two weeks.’ I’m like, ‘I need that yesterday.’”
Those delays mean that acts are leaving money on the table. On top of that, other TikTok Shop users may be siphoning off money that should go into artists’ pockets. Although TikTok Shop policy “expressly prohibits the unauthorized use of any third-party intellectual property rights,” Redford says, “There is so much bootleg merch [on the platform].”
This is a common problem on e-commerce sites. “That happens on Etsy, on Pinterest, on Facebook Marketplace, wherever,” Cloherty says. However, “None of those platforms drive even close to the degree of consumption and discovery that TikTok does,” he continues, which could make bootlegs on TikTok Shop more detrimental.
According to TikTok Shop’s Intellectual Property Rights report, published in October, the platform “implements proactive measures to identify and prevent potential infringements, significantly reducing their occurrence. Between July 2023 and June 2024, more than 5,254,000 products were prevented from going live.” In addition, “497,026 products were taken down after going live for IPR violations.”
Copyright owners can report infringement notices to TikTok Shop. In Redford’s experience, though, the most effective way for artists to combat bootlegs is to sell their own official products.
Despite success stories like El Michels Affair’s Enter the 37th Chamber, Redford still hasn’t seen many artists experimenting with TikTok Shop campaigns. “I feel like labels aren’t really focusing enough on it,” says Amy Hart, a digital marketer and co-founder of prairy, a new indie label. “We’re actively talking about it and figuring that side of things out.”
As with all things TikTok, it’s nearly impossible to determine in advance what products — and what videos — are going to cause users to smash the “buy” button. “TikTok Shop is tricky,” acknowledges Tyler Melton, who posts vinyl-focused videos of his own as tyler.fortherecord. “It will either not care about your video at all, or maybe the way you do your title or your intro will hook people.”
Winter’s biggest wins so far have come with vinyl. “We tried selling sweatshirts a couple of times, with only limited success,” he notes.
He believes the merchandise needs pizzazz — users may be unmoved by a simple T-shirt with an artist’s logo. (The El Michels Affair LP was described in one TikTok video as “a sick black-and-yellow” pressing, while a recent Wiz Khalifa vinyl reissue featured eye-catching “retro video game inspired artwork.”) “You can’t look at TikTok Shop like you’re uploading everything in your merch store,” Cloherty says. “It’s more like, what merch items can spark a TikTok-worthy moment?”
“This is all pretty new,” Bouchon adds. “Now I think we’re all realizing, ‘Oh shit, we need to prioritize this.’”
As Discogs marches towards its 25th anniversary later this year, the music discovery platform has announced new milestones in collection trends among its physical music-loving users.
According to fresh figures released Tuesday (Jan. 7), Discogs members cataloged over 105.7 million pieces of music in 2024 — an average of 2 million vinyl albums, CDs, tapes, 8-tracks and any other catalogable format you can think of per week.
Since its inception, more than 830 million items have been cataloged, with average collections — which are predominantly vinyl — hovering around 195 items per user, the company said. Collectors made sure to log a lot of copies of Taylor Swift’s The Tortured Poets Department, the year’s most collected album at more than 130,000, followed by releases from Charli XCX and Billie Eilish. The most collected artist of all time continues to be four lads from Liverpool and the most collected master is Pink Floyd’s The Dark Side of the Moon. The most collected individual release is the original 180-gram version of Daft Punk’s Random Access Memories, from 2013. (Incidentally, the label that released RAM — Columbia — is the most collected imprint out there.)
Jeffrey Smith, Discogs’ vice president of marketing, emphasized the significance of reaching 105.7 million records cataloged in a single year, noting that each record represents a “deliberate choice” by a real person to “hold, own, and listen to music with intention.”
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“Discogs continues to exist because people care deeply about music as something tangible and meaningful,” Smith added. “This collection milestone reflects a global community driven deeply by passion, connection, and an unwavering commitment to the music that shapes their lives.”
Discogs’ other function, as a viable place to buy and sell those physical music collections, is also hoping to hit a milestone this year. In early 2024, the company told Billboard that it wants to boost its online database to 25 million marketplace listings by its 25th anniversary in November 2025.
Here are some stats on Discogs’ collections:
Average collection size: 195 items
Average collection value: $317
Most collected album ever: The Dark Side of the Moon, Pink Floyd
Most collected albums of 2024:The Tortured Poets Department, Taylor Swift (130,000-plus)Brat, Charli XCX (40,000-plus)Hit Me Hard And Soft, Billie Eilish (40,000-plus)Short N’ Sweet, Sabrina Carpenter (30,000)Songs Of A Lost World, The Cure (27,000)
Most collected record ever: Original 180-gram vinyl of Daft Punk’s Random Access Memories
Record label with the most items in collection: Columbia
Most collected formats:1. Vinyl2. CDs4. Cassettes
Over the past dozen years, vinyl records have grown from an indie-rock subculture to a significant, established part of the music business. In the U.S. alone, vinyl sales were worth $1.4 billion in 2023, more than CDs — and as much as Latin music — and they will probably be worth more than $2 billion worldwide by 2025.
As the market matures — and growth slows from spectacular to merely healthy — it’s also splintering. A part of the business once dominated by rock and reissues now looks more like the Billboard 200, and labels are releasing different kinds of records for different buyers — low-price products for big box retail, endless color variations for pop fans and, increasingly, high-end vinyl for audiophiles.
The descriptions of these products makes them sound quite impressive — as do the prices. If the new Joni Mitchell vinyl reissues just aren’t good enough for you — and they are very good — $125 will buy you Mobile Fidelity’s UD1S 180g 45RPM SuperVinyl 2LP Box Set, pressed from “analog master to DSD 256 to analog console to lathe.” That’s about five times the price of most records. Mobile Fidelity is selling a few of Mitchell’s albums in that format, plus titles by Bob Dylan, Bruce Springsteen, Van Halen and many more. It’s not the only company selling premium products, either: Analogue Productions is reissuing all the Steely Dan albums on 45rpm on UHQR vinyl for $150 each, plus putting out a treasure trove of deluxe Atlantic Records reissues to make the label’s 75th anniversary. (Both companies have been in business for some time.) The majors are doing this themselves, too. Back in 2019, Blue Note President Don Was launched the Tone Poet series, which reissues jazz records that sell for about $35. And in 2023, Rhino began releasing Rhino High Fidelity reissues of WMG albums, which it sells online for $40.
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All of these are marketed with the exacting specificity of supercar engines — it’s not just vinyl, it’s SuperVinyl! But how much better do they really sound — especially to an untrained ear on a home stereo? This is important to the music business — consumers will only buy so many $125 records if they don’t sound great. And I was also curious myself.
Here I must confess that I’m enough of an audiophile to understand about half of the jargon above. Over the years, I’ve accumulated a few dozen audiophile records myself, including two Mobile Fidelity Linda Ronstadt records (fantastic), a CBS Mastersound version of Bridge Over Troubled Water (incredible), and the Craft Recordings Small Batch pressing of Isaac Hayes Hot Buttered Soul (like being in the studio). Others were just very good — and not worth the money. And I had never really sat down and compared different versions of the same record in any disciplined way. So I decided to do so. A few caveats: I have no real audio expertise; I listened on a very good home stereo, and it doesn’t make sense to buy records like this unless you have one; your mileage may vary. Here’s what I found.
I started with the Analogue Productions reissue of Steely Dan’s Aja because the album has a well-deserved reputation as a fantastic recording. I compared it to an early pressing I have, which is a detailed and vibrant record — it sounds great. This reissue just blew it away. The definition on the reissue was so impressive that on “Black Cow’ and “Deacon Blues,” I noticed sounds that I hadn’t really paid much attention to before. And while the older album sounded spacious, the new one sounded like I could point to which musicians were playing where. If you’re a Steely Dan fan, this is worth $150. If you’re not, this might make you one. It’s that good.
The other Analogue Productions reissue I listened to, Otis Blue / Otis Redding Sings Soul, is part of the company’s Atlantic 75 Audiophile Series, and I compared it to my copy of the album that came in a 2017 box set of Redding’s mono studio albums. (I compared these reissues to records I happened to own.) The Analogue version was more detailed and transparent — specific sounds stood out more. But the reissue was of the stereo version of the album, on which Redding’s voice is on one side, and I found that my less detailed mono version had more punch. I prefer the reissue, but it’s a close call.
The first new Mobile Fidelity album I played was Bob Dylan’s Good as I Been To You, which I compared to the 2017 European reissue. Neither record has much of a soundstage — it’s really just Dylan and his guitar — but the Mobile Fidelity version has more detail. For this album, though, that’s everything. Hearing Dylan’s fingers on the strings matters because the album is so intimate — it’s a portrait of a songwriter going back to the music that inspired him. The reissue makes a big difference.
Then I tried Mobile Fidelity’s $125 pressing of Joni Mitchell’s Blue. It’s astonishing. From the opening strums of “All I Want,” I felt like I could better hear more details on a familiar recording. I compared it to my 2007 reissue, which I prefer to an early pressing I used to own. The 2007 pressing is a great record, with the depth and spaciousness this album deserves, and I don’t have a bad thing to say about it. But the Mobile Fidelity pressing offered more space and detail. Here, the deluxe version is better, but it’s hard to go wrong either way.
Last I turned to two Rhino High Fidelity records. (Tone Poet pressings sound great, but I don’t have enough old jazz records to compare them to.) I’ve always been happy with the 2014 reissue of Gram Parsons’ Grievous Angel, a quiet, clear pressing of a detailed recording. But the Rhino High Fidelity reissue blew it away: Details came out clearer, vocals emerged more forcefully, the music just seemed more lively. It just felt more there. Listening to the old record after the new one, it almost sounded veiled. Of all the records I played, this one delivered the biggest difference for the least amount of money. It’s a no-brainer.
I found less of a difference between the Rhino High Fidelity version of the Stooges debut and my 2010 reissue. This is a less detailed recording than Grievous Angel, by design, and it should hit harder – and both versions did. The deluxe version sounded a bit more present, but only if you listened closely. To get another perspective, I also listened to a 2005 CD reissue of the album, which I kept because it came with a disc of extra tracks, and I immediately noticed that it sounded lousy — shrill, unexciting, and hard on the ears at any volume. Here, both vinyl versions are great.
Obviously, pricey records have a limited audience. But at a time when so many music executives are talking about “superfans,” this seems like a product category worth keeping an eye on.
Sabrina Carpenter collects her second top 10-charting effort on the Billboard 200, as her holiday set Fruitcake reenters the Dec. 21-dated tally at No. 10, prompted largely by its wide physical release on CD, vinyl and cassette on Dec. 6. It joins her chart-topping Short n’ Sweet in the top 10, as it holds at No. 5. Fruitcake had previously peaked at No. 121 in 2023.
Fruitcake cooks up a big reentry thanks to major sales – the biggest sales week for any holiday album in four years, and the largest sales week for a holiday album on vinyl in the modern era (since Luminate began electronically tracking sales in 1991). Fruitcake also got a big promotional boost from the debut of Carpenter’s Netflix holiday special, A Nonsense Christmas, on Dec. 6.
Fruitcake was initially released in November 2023 as a digital download album for purchase and through streaming services. The next month, it garnered a limited vinyl release, exclusively through Carpenter’s official webstore. On Dec. 6 of this year, the album became widely available on CD, cassette and three vinyl variants (including one exclusive to Target).
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In the tracking week ending Dec. 12, Fruitcake earned 54,000 equivalent album units (up 1,040%) in the U.S., according to Luminate, with album sales comprising 39,000 (up 27,326%; it debuts at No. 4 on Top Album Sales) and SEA units comprising 15,000 (up 210%, equaling 19.65 million on-demand official streams of set’s songs). Of the album’s 39,000 sales – vinyl sales comprise 31,000 copies.
The last holiday set with a bigger sales week overall (across all formats, physical and digital) was when Carrie Underwood’s My Gift debuted with 41,000 copies sold on the Oct. 10, 2020-dated chart.
Previously, the biggest sales week in the modern era for a holiday set on vinyl came just two weeks ago, when The Philly Specials’ A Philly Special Christmas Party bowed with 22,000 vinyl copies sold (Dec. 7 chart).
Back on the Billboard 200, with albums at Nos. 5 and 10, Carpenter is the sixth artist in 2024 to have at least two albums in the top 10 at the same time. Previously this year, Zach Bryan, Future, Metro Boomin, Taylor Swift and Morgan Wallen all notched multiple projects in the top 10 concurrently.
Elsewhere on the charts, Fruitcake makes a sweet debut across multiple tallies: No. 1 on Indie Store Album Sales, No. 2 on Vinyl Albums, No. 2 on Top Catalog Albums and No. 4 on Top Album Sales. The set also zooms 47-3 (a new peak) on Top Holiday Albums.
The Billboard 200 chart ranks the most popular albums of the week in the U.S. based on multi-metric consumption as measured in equivalent album units, compiled by Luminate. Units comprise album sales, track equivalent albums (TEA) and streaming equivalent albums (SEA). Each unit equals one album sale, or 10 individual tracks sold from an album, or 3,750 ad-supported or 1,250 paid/subscription on-demand official audio and video streams generated by songs from an album. All Dec. 21, 2024-dated charts will be posted in full on Billboard’s website on Tuesday, Dec. 17.
Top Album Sales and Vinyl Albums ranks the week’s top-selling albums and vinyl albums, respectively. Indie Store Album Sales ranks the top-selling albums of the week at independent music stores. Top Holiday Albums ranks the week’s most popular holiday albums by equivalent album units. Top Catalog Albums ranks the week’s most popular catalog (older) albums across all genres, by equivalent album units.