As we all know vinyl sales are on the increase and a new report by financial advisor Deloitte suggests that they will break through the $1 billion mark for the first time in the 21st century.
The LP’s remarkable revival will continue this year with record breaking numbers predicted meaning a seventh year in a row that vinyl has recorded double-digit growth.
Deloitte’s head of technology, media and telecoms research Paul Lee noted: “The ubiquity of music streaming services means that music has never been more accessible, portable and readily available for the consumer… despite that, consumers are choosing to buy something tangible and nostalgic and at a price point that provides record companies with significant revenues.”
The report says that 90% of revenues will come from sales of new and second-hand discs with the remaining 10% coming from new turntables and accessories.
Mr Lee did however add: “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. Music’s future, both from a revenue and consumption perspective, is all about digital, and this is where the brunt of the industry’s focus should be.”
More than 3.2 million LPs were sold during 2016, a rise of 53% on 2015 and the highest annual total since 1991 according to the British Phonographic Industry stats released last week.
One thing for certain is that vinyl isn’t going anywhere soon and we for one are glad about that!
