Vinyl is set to become a billion-dollar industry for the first time since the ‘80s, according to new research by Deloitte and reported by the FT.
The stats, posted today (11th January), predict that around 40 million vinyl records will be sold in 2017, which alongside the sales of turntables and other accessories, is expected to make the industry break the $1 billion mark.
Vinyl is also projected to account for 7% of the $15 billion predicted to be made by the global music industry.
Speaking about the research, Paul Lee, head of technology, media and telecoms research at Deloitte, told The Vinyl Factory, “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.”
Lee was clear of limitations to the vinyl industry though, adding, “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 album sales in the UK also surpassed three million units annually for the first time since 1991 last year, according to stats released by the British Phonographic Industry (BPI).
That was after Vinyl sales also overtook digital downloads last month (December), according to data from the Entertainment Retailers Association (ERA).
(Via: The Vinyl Factory)
Rob McCallum is DJ Mag’s deputy digital editor. Follow him on Twitter here.