Vinyl is becoming a billion dollar industry for the first time in 30 years
Vinyl is becoming a billion dollar industry and this proves that it’s not just the hipsters who are into it. For the first time in thirty years vinyl is becoming a billion dollar industry.
This little update comes as a result of new research by Deloitte and reported by the FT. The statistics were published a few days ago and paints a pretty picture of how vinyl is becoming a billion dollar industry.
They predicted that around forty million records will be sold this year. And it’s not just the vinyls are being snapped up but also the turntables and the accessories that go with them. 2017 is the year that we all see how vinyl is becoming a billion dollar industry despite the fact that the technology is old. More than 3.2 million vinyl albums were sold in the UK last year. This made it a twenty five year high. In the United States, sales were at it’s highest in eleven years.
“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,” said Paul Lee, head of technology, media and telecoms research at Deloitte.
There is also a sense of realism from Lee…
“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.”
Vinyl sales also overtook digital downloads for the month of December. This is according to data from the Entertainment Retailers Association (ERA).
Vinyl is expected to account for nearly a fifth of the physical music market and contribute a respectable 7% to the $15 billion that the global music market is expected to make this year.