[Viewpoint] The U.S. music market according to the latest RIAA data

It is always insightful to examine the evolution of the U.S. music market, as it often anticipates global trends. This year as well, the RIAA (Recording Industry Association of America®) has released its official data on record sales - or more precisely, on the revenues generated by music. Since most music consumption now occurs through digital and intangible formats, discussing “units sold” has largely lost its relevance.

For this reason, understanding what is truly happening requires an additional level of scrutiny. The RIAA, unsurprisingly, seems quite comfortable presenting the industry as thriving, and therefore focuses primarily on the monetary flow generated by the various music formats. A superficial reading of the data indeed suggests steady growth: from 9.8 billion dollars in 2021, revenues have risen consistently to 11.5 billion in 2025. However, this does not automatically imply an increase in the number of records sold or songs streamed. What has grown are the prices, not necessarily consumption. Moreover, once inflation is taken into account, even this revenue growth must be reconsidered.

More specifically, clicking on the “adjusted for inflation” button reveals that the previously rising curve actually turns downward. Below you can see the two charts side by side. Interestingly, the inflation-adjusted chart is not immediately visible in the RIAA report; one must click on a small window to generate the new graph, adjusted to reflect real values. As is evident, the true peak occurred between 1990 and 2000, followed by a decline and a modest rebound between 2015 and 2020 - yet the industry has never returned to its golden-age levels of 20-30 years ago. When people present you with numbers, learn to read them carefully: they never lie. The same reasoning, of course, applies to the supposedly booming revenues of the HiFi market (don't believe the hype!).

Another interesting aspect concerns the sale of physical formats. Here too, the RIAA's enthusiastic narrative focuses solely on revenue. Vinyl is “growing,” but only in terms of revenue - this does not automatically mean that more records are being sold; it simply means they cost more. In fact, fewer units may have been sold, but at a higher price per unit. If I sell - in a month - 100 kg of apples at €1 per kg, my revenue is €100. The following month, if apples cost €2 per kg and my revenue is €150, I might feel satisfied, yet in reality I have sold fewer apples - 75 kg instead of 100. Revenue has increased, but sales have decreased, as has consumer interest. And, real profits still remain to be assessed.

Returning to LPs, revenue has risen from 679 million dollars in 2021 to the current one billion. Good news? Perhaps - but without knowing the number of units sold, the trend remains ambiguous. What we can infer is that vinyl accounts for 9% of total revenue. Or, to put it differently, consumers generate 91% of music revenue through non‑physical formats, which makes the situation for physical media appear far less encouraging.

As for the good old CD, since 2020 it has merely been treading water - neither growing nor declining, again in terms of revenue (312 million dollars in 2025). The comparison with vinyl is stark: American consumers spend roughly three times as much on LPs as on CDs. However, since CDs tend to cost less, the number of units sold may actually be closer than the revenue suggests.

In conclusion, the renewed interest in vinyl is undeniable, yet it remains a niche market - supported by long‑time enthusiasts/audiophiles and by a substantial group of boomers and Gen Z listeners who are discovering or rediscovering vinyl as a kind of return to the artisanal pleasures of the past. (Alert: never put an LP in a wood‑fired oven!) It is, in a sense, a form of musical slow food. As any enthusiast knows, LPs are rewarding only when one invests effort - not only financially but also technically. A record played on a makeshift or poorly adjusted turntable will sound worse than any CD or digital stream.

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April 2026 Editorial

Trends in the U.S. music market according to official RIAA data