, K-pop, vinyl sales and stronger streaming numbers, the U.S. recorded music business was on a hot streak in the first 20 weeks of 2023. Through May 18, U.S. music consumption was up 13.8% compared to the same period a year ago, according to Luminate. That’s a marked improvement from thefor the full calendar year 2022 and the 9.7% gain through the same 20-week period in 2022.
No single format can take credit for this year’s improvement. Through the 20th week, every format of sales and streaming had a higher growth rate compared to the same period a year ago. Streaming’s growth carries the most weight, however, because it accounted for 89.2% of total consumption, a slight increase from 88.5% in the prior-year period. This year, on-demand streaming — in terms of album equivalent units — improved 14.7% through week 20, a more than two-percentage point gain from the 12.
Album sales improved 10.2% to 39.3 million units, a turnaround from an 8.2% decline in 2022. Physical albums jumped 17.1%, to 32.3 million units, after declining 3.5% in 2022. Vinyl LP sales increased 27.4%, to 18.8 million units, a vast improvement from the 4.2% gain in 2022. CD sales improved 5.2% to 13.3 million units after declining 11.6% in 2022.
This year, 13 albums sold more than 100,000 units in the first 20 weeks compared to six albums in the prior-year period. Some of the improvement stems from K-pop groups’ ability to market multiple versions of CDs and vinyl LPs for their rabid fan bases. The top physical album of 2023,30
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