Vinyl on course to become billion dollar industry for first time since the ‘80s
Originally posted by The Vinyl Factory
Vinyl sales are predicted to record double-digit growth for the seventh consecutive year.
The renewed interest in vinyl will continue to go from strength to strength this year, with 40 million records expected to be sold that could help the industry break the $1 billion mark for the first time since the ‘80s.
According to new research by Deloitte and reported by the FT, these sales, which include new turntables and accessories, contribute 7% to the $15 billion that the global music market is expected to reel in.
Paul Lee, head of technology, media and telecoms research at Deloitte, said: “The ubiquity of music streaming services means that music has never been more accessible, portable and readily available for the consumer.
“Yet, despite that, consumers are choosing to buy something tangible and nostalgic and at a price point that provides record companies with significant revenues.”
But Lee also warned that the vinyl revival may be hitting its upper limits: “Vinyl has a future in music, and an attractive one from a financial as well as an aesthetic perspective, but it is not, and is unlikely ever to be, its major growth or profit engine.”
Earlier this month, we reported that UK vinyl sales recently surpassed the three million mark for the first time since 1991, with more than 3.2 million vinyl records sold in 2016, a 53 per cent rise on the previous year.
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