If someone told you 10 years ago that Vinyl would become a billion-dollar industry by the end of 2017, what would you say? If the answer is somewhere along the lines of “no way,” you should probably check out the data compiled by Deloitte and reported by the Financial Times. It’s interesting to note that this number of $1 billion hasn’t been surpassed for vinyl ever since the ‘80s during its golden era. As pointed out by The Vinyl Factory, the renewed interest in vinyl is continuing to grow at an unbelievable rate. BuzzAngle Music analytics service has compiled similar data in its yearly report on US music consumption. As it shows, vinyl sales rose 26% in 2016.
Once you put plummeting physical album sales into the equation, vinyl’s resurgence becomes even more puzzling and astonishing, considering how much customers have begun to gravitate toward streaming services. As Paul Lee, head of technology, media, and telecoms at Deloitte, notes, “Consumers are choosing to buy something tangible and nostalgic and at a price point that provides record companies with significant revenues.”
Vinyl is expect to once again record double digit growth in 2017, which would make the seventh consecutive year this has happened. An estimated 40 million records will be sold, which might push the industry over the $1 billion mark (along with the sales of turntables and other listening accessories) by the end of the year.