Whole sale trade figures released by the Australian Recording Industry Association (ARIA) this week have shown Australia’s recorded music market suffered a double-digit slump in 2013 as digital finally replaced the CD as the top format of purchased music.

Annual recorded music revenue in 2013 declined by 11.6% to Australian $351.6 million. The value of CDs diminished by a quarter in 2013, from $193 million to $141.7 million. However, it’s not all bad news, with hipsters everywhere driving vinyl album sales up by a staggering 77% over the past year.

Digital music revenues now account for 54.7% of the market, as opposed to the 45.3% share commanded by physical product. However, the total market experienced an annual decrease of 11.6% in revenues compared to a 4% lift in 2012.

Digital download revenue however remained steady throughout the year, reporting an overall 0.5% increase. The same cannot be said for US and UK markets where digital album sales have experienced a decline. Australian digital album unit sales rose 7.88% to 7.37 million units, with a value of $67.4 million. Digital single sales fell 3% to 106.9 million units, with a value of $95 million. Streaming revenue almost doubled in 2013, and now makes up 5.9% of the total market value.

CD album sales continued to plummet, dropping 25% to 14.22 million units ($141.7 million in value). CD singles notched up 87,000 unit sales, equalling revenues of just over $360,000.