Vinyl-loving hipsters generate 'more money' than Spotify for the music industry

Turns out Taylor Swift had a point about Spotify and all its free listening.

In fact, vinyl sales generate more money for the music industry than ad-based Spotify, YouTube and VEVO put together.

While ad-based music streaming services are making more money than ever before, it's vinyl sales that make it rain dollar bills for music moguls, according to a new report by the RIAA.

While you may consider ventures in vinyl a pursuit reserved for die-hard musos and flat white-drinking, New Balance-wearing "hipsters", vinyl sales in the US were up 52 per cent from this time last year.

To put that in context, no other format is growing at such an incredible rate.

CD sales are down by almost a third year-on-year, while the RIAA report also suggests consumers are less interested in purchasing digital music when free services like the one Spotify provides are, well, free.

Remember when everyone thought MiniDiscs were the future of the music industry? Rofl.

H/T Digital Trends

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