At the Music Biz 2025 conference in Atlanta, the “Let’s Get Physical” segment opened with a panel featuring Luminate’s director of partnerships, Chris Muratore, who shared the latest industry insights around the continued success of Record Store Day.
One of Muratore’s slides pointed out that in the last 10 years, there have only been a dozen weeks in which album sales reached the 1 million unit mark, and Record Store Day was responsible for five of those weeks, with most of the other million-selling weeks coming during the year-end holiday season.
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05/07/2025Staying with the panel’s theme of updating the industry on “Indie Retail Sales Data,” Muratore explained how Luminate — which shares a parent company with Billboard, Penske Media — has evolved its approach since partnering with StreetPulse to gather data from independent record shops.
Muratore — who was joined by Coalition of Independent Music Stores executive director Andrea Paschal and StreetPulse CEO John Weston on the panel — began with a brief history lesson, explaining how Luminate’s predecessor, SoundScan, first began tracking indie retail data back when physical music was the only game in town. At the time, around 300 independent stores reported sales. However, the weighting system used to extrapolate sales for the entire indie sector hadn’t been updated since it was first implemented in 1991.
When Luminate began its collaboration with StreetPulse in 2024, it was only after it had made the controversial decision to end weighting for indie stores at the end of 2023, resulting in widespread industry resistance.
By June 2024, Luminate struck a deal to collaborate with StreetPulse on collecting indie retail sales data and assembled a dedicated data team to develop a new, more flexible and efficient weighting model to replace the outdated system. As part of the partnership, Luminate initially gathered sales reports from 200 indie stores, with the number growing to around 250 stores by the end of 2024, according to Muratore.
For her part, Paschal acknowledged that Music Biz president Portia Sabin “was very involved in bringing us all together.”
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04/16/2025Muratore noted that, through its partnership with StreetPulse, Luminate continues to expand its network of reporting stores, now surpassing 400 locations contributing sales data. “We think we have identified another 100-plus stores to bring on by the end of the year, so we will have over 500 stores reporting sales,” he said.
In order to get to 500 stores, Weston thanked labels and distributors for pointing out retailers that should be added. Then, speaking to store owners, he pointed out that one of the challenges is that every store owner runs their business “a little different.” “There is a reason you are called independent because you are all different,” he noted. “So if you are not reporting to us and want to, we need to know what kind of POS system you have.”
While Luminate may reach 500 reporting stores — roughly one-third of the estimated 1,500 independent U.S. shops selling new physical music — by year’s end, that one-third likely represents about two-thirds of total physical sales volume. Conversely, the remaining two-thirds of stores that aren’t yet reporting likely account for just one-third of the volume. “That’s because we know who the tier 1, tier 2 and tier 3 stores are,” Muratore explained.
Also, as Luminate and StreetPulse add stores, the new weighting system is flexible enough to accommodate the new ones coming on without distorting the sales picture.
Using the new weighting system, Luminate apparently backfilled the weighted numbers back to the beginning of last year because Muratore reported that in 2024, while physical sales were 77.8 million, the largest segment was indie retail, which collectively sold 23 million album copies of vinyl and CDs, representing 36% of physical sales.
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04/23/2025Breaking it down, Muratore noted that of the 44.4 million vinyl albums tracked by Luminate in 2024, independent retailers accounted for 17.3 million — roughly 36%. And indie retail continues to gain ground, particularly in vinyl sales: In just the first four months of 2025, indie stores were responsible for 5.7 million of the 13.1 million vinyl units sold, representing 44% of total sales, he said.
As for CD sales, last year indie stores collectively accounted for 5.4 million of total U.S. sales of 32.9 million CD copies, or 17% of CD sales. So far this year, indie stores account for 1.8 million units of the 8 million CD sales recorded so far — or 22% of CD sales.
Focusing on Record Store Day, Muratore emphasized the importance of recognizing who’s buying physical music today. Unlike the early days of the vinyl revival, he noted, it’s no longer just older people driving sales of physical music — and Record Store Day clearly reflects that shift.
Muratore reported that the top three Record Store Day 2025 titles were Taylor Swift’s “Fortnight” single featuring Post Malone, which led with 59,000 copies sold; Malone’s Tribute to Nirvana with 12,000 copies; and Gracie Abrams’ Live From Radio City Music Hall, which moved 11,000 units.
Muratore further emphasized the shift toward a younger demographic in physical music buying, noting that a recent Luminate consumer survey found that 25% of vinyl purchasers are under the age of 25. He went on to urge labels and music distributors to make sure “they put the right product out for who the consumer is for physical,” adding that the younger physical music buyers wanted Swift and the Wicked soundtrack album.
“We have to pay attention to who is showing up in the stores because it has changed drastically,” Muratore said. “If there were more allocation, this could have been the biggest Record Store Day ever.”
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