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Vinyl is expected to become a billion dollar industry this year, the first time since the 80s

vinyl sales

The news about vinyl’s glorious resurgence just keeps pouring in.

The latest figures that confirm one of the greatest comebacks in music history show that in 2017, the vinyl industry is expected to gross over one billion dollars for the first time since the 80s.

viny

 A new study has predicted that vinyl (and vinyl accessorie) sales will reach the $1 billion mark in 2017 – the first time since the 80s.

According to new research by Deloitte and reported by the Financial Times, 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, says that “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.”

He also warns that we might be at the peak of this resurgence: “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.”

Around Christmas time, it emerged that vinyl had had its best year of sales in 25 years since 2016. A few weeks before that, we reported that vinyl had surpassed digital sales for the first time in the UK.

Have a read of our piece on the best indie record stores in the country and what they have to say about the vinyl revival.

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January 13, 2017

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