Digital streaming continues to be the music industry's primary revenue driver. But...

In a Billboard article from last year, the IFPI (International Federation of the Phonographic Industry) Global Music Report for 2024 states that “global music sales grew for the ninth consecutive year in 2023, with music revenues increasing in every market and region, and across almost all formats.” 

The Recording Industry Association of America also stated in their 2024 mid-year report that “recorded music revenues grew by 4% to $8.7 billion in estimated retail value and streaming subscriptions were up 3% to 99 million over the first half of 2024.” And with IFPI’s year-end supporting report, the global music industry eventually posted “a $28.6 billion for 2024. Increasing 10% from the previous year.”  

Ok, while it says here that music streaming is king, it also states something music fans should keep a note of.  As per RIAA, “while paid subscriptions (such as Spotify and Apple Music) contributed nearly two-thirds of the added value, vinyl shipments accelerated faster than any other major music format at 17%.” 

Translation? It means all of you record nutters out there are keeping the physical music industry alive and strong. Yes, I’m looking at you, vinyl addicts! Audiophiles with their setups. The faithful never wavered in the almighty CD, and to an extent, those trying to bring back the cassette tape admirably. Yes, that last bit is a thing.

These types of music fans you can’t convince of parting with their music paraphernalia. These patients built their audio setup over the years and painstakingly curated every bit of equipment they commandeer. The ones who’ve amassed their music library for over a decade and at least own three media formats in their collection: vinyl, CD, and cassettes! These are the ones who will set aside a block of time to scour a record store/shop. The patient ones who will flip through each vinyl pile or CD shelf looking for a personal favorite with an eye out for a classic.   

Why? In the age of digital streaming music, where you can type in what you want to hear, the feel of a traditional record shop, as they say, hits differently. Inside a record store, surrounded by everything that has to do with music, is something you can’t experience while looking at your phone or desktop. Can your cellphone comment that it possesses similar music tastes to yours? Nope, but the dude over at the cashier did after seeing my haul that consisted of a Style Council vinyl and previously loved CD albums by The Very Best of The Jam (obviously a Paul Weller fan here), “Greatest Hits of Bruce Springsteen” because he’s The Boss! A Cornershop album that includes ‘Brimful Of Asha.” Then there’s the Billy Bragg & Wilco collaboration “Mermaid Avenue,” and I kid you not, my first ever Beastie Boys album purchase: “Ill Communication.” All for under $60 or Php 3,500. I call that a win for me. 

While it’s clear that a dominance of digital streaming will characterize the music industry in 2025, it is notable that the resurgence of physical formats, particularly vinyl, continues. 

So, let’s give credit where it's due. To the unsung heroes, the brick-and-mortar music shops, and the people who run them. More power to ye olde record store!

Let’s give them our love and visit your local shop.