From Forbes: Sales of CDs in the UK in 2018 amounted to 32 million units, that’s some 100 million fewer discs that were selling just 10 years ago in 2008, and a drop of 9.6 million year-on-year, according to a report from BBC.
The lack of space being given over to CDs in retail outlets, such as supermarkets, is partly to blame for the fall. Also, the decision by the UK’s main music and video retailer, HMV, to call in administrators just after the Christmas break, is a sign that the physical media industry is really hurting.
Consumers, particularly millennials, are shunning physical media and opting for streaming services such as Apple Music, Spotify, Tidal, and Qobuz. One of the reasons for this disenchantment with physical media is perhaps the drop in homeownership and affordability among young people. It’s much harder to drag around a large CD or vinyl music collection if you find yourself moving apartment annually, plus younger people are spending more of their money on experiences such as live concerts, movies as well as subscriptions for things like music streaming and software.
One physical media that has bucked the trend in falling UK sales is vinyl LPs, which sold 4.2 million units in 2018. Last year’s figures for vinyl appear to have stalled slightly with 2018 showing a modest 1.6, according to BPI, the organisation that represents the UK’s recorded music industry.
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