In just 7 Years, vinyl records have gone from ‘fad’ to ‘billion dollar industry’. That's right, Deloitte predicts that sales of vinyl records, turntables and accessories will approach $1bn (£800m) globally this year. This would be the first time they've been that high since the turn of the century.
However, despite these growing sales, Deloitte says vinyl will remain a niche format due to its high price relative to other formats such as streaming and CD. This year, says the report, 20m of us are expected to buy "a small number of records at a high unit price relative to most other music formats.
The report suggests that vinyl isn’t an alternative to streaming, it’s being powered by it. Indeed, the real uptick in vinyl records happened around 2008, which not-so-randomly corresponds with the birth of Spotify.
The report concludes that while vinyl "has a future in music", from a revenue and consumption perspective the future "is all about digital, and this is where the brunt of the focus should be."
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