Billboard's latest report shows a 33% decline in overall album sales in 2024, highlighting economic pressures impacting consumers' ability to buy vinyl, CDs, and digital albums.
Despite a drop in vinyl sales, the format still outpaces CDs, indicating a continued interest in collecting records, albeit challenged by rising costs in 2024.
The growing economic strain, fueled by inflation and higher living costs, impacts disposable income for music purchases, leading to a significant decrease in vinyl and album sales.
The production costs of vinyl, particularly due to pandemic-related supply chain issues and rising interest rates, have made purchasing multiple records less financially viable for fans.
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