In 2022, vinyl records outsold compact discs in the United States for the first time since 1987.
That’s not supposed to happen.
After the introduction of the CD in the 1980s, vinyl’s obituary appeared to be written in permanent ink. However, the last decade has proven a return of the near-century-old technology is not only imminent, but has already arrived.
Vinyl, a long-extolled medium by music lovers for its supposed superior sound, has emerged as a collectible, fueling a renaissance that has seen consistent sales growth every year since 2006, according to Statista.
A report from the Recording Industry Association of America found vinyl sales revenue grew 10 percent year-over-year in 2023, reaching $1.4 billion and outpacing CD sales for the second consecutive year.
In 2014, the music industry was caught seemingly flat-footed, as the demand for vinyl exceeded the production capabilities of the less than two-dozen pressing plants operating in the U.S. at the time.
In an open letter in 2022, Jack White, musician and owner of Third Man Records, urged the industry to build more pressing plants in order to accommodate the growing demand. “We have ALL created an environment where the unprecedented demand for vinyl records cannot keep up with the rudimentary supply of them," White wrote.
Data provided by eBay to cllct reflects this demand on the secondary market, as the platform reported a 30 percent increase in vinyl-record sales in 2023 compared to 2019.
We’ve seen demand for vinyl cross over to auction houses such as Heritage, which has notched multiple sales of more than $100,000 since 2022 for rare Beatles and Bob Dylan LPs.
Collectors have also signaled interest in sealed vinyl in particular, which has been greeted by the recent advent of grading companies such as Audio Media Grading, founded in 2022, which specializes in the grading and authentication of audio media products.
“Vinyl is the No. 1 selling medium being sold in the physical music media market right now. Having a sealed first pressing is like having a rookie card of your favorite artist," said Robbie Martinez, AMG chief visionary officer. "These type of releases in time will be more scarce at record shows”
This desire for early pressings resembles similar collector preferences in markets such as video games or even books, which have long seen premiums paid for first-edition copies.
Collectors continue to pay the highest prices for vintage records, though recent sales have been predominantly fueled by current artists. Taylor Swift was responsible for 7 percent of all vinyl albums sold in 2023, according to Billboard.
Other areas of interest for collectors include soundtracks, such as the sealed copy of the "Star Wars" original motion picture soundtrack, encapsulated by third-party authenticator Tuned In Grading, which sold for $1,187.50 last month at Heritage.
Will Stern is a reporter and editor for cllct.