Record Store Day (RSD) is eager to show support for the CD format in future celebrations (Megan Page RSD Coordinator).
In 2022, vinyl sales revenue reached £151 million, marking an 11% YoY increase. Although higher prices led to value growth exceeding unit growth (2.9% YoY), vinyl LPs still constituted 31.7% of all physical purchases last year. With the average price of a vinyl LP at £26.01 (an 8% YoY increase), concerns arise about younger fans being priced out of the vinyl market, especially when products cost £30-£40.
Megan Page acknowledges the issue, saying that they need to find ways to draw customers in and make them comfortable participating in Record Store Day. She appreciates The 1975’s decision to offer CDs and cassettes at a different price point for younger customers.
Despite CDs surpassing vinyl in unit terms, they fell behind in terms of value last year. In Q1 2023, CD unit sales dropped 11% YoY to 2,438,937. Record Store Day remains a staunch supporter of the CD format and urges labels to release exclusive CDs.
Page emphasizes the significance of the CD audience and warns against dismissing the format. She suggests that reinventing CDs with modest price increases could make them more appealing packages for a younger demographic. Record Store Day intends to incorporate more CD-related offerings in future editions, providing labels an opportunity to recognize the value and potential of the CD format.
Phil Aston | Now Spinning Magazine
