While most of the record industry has moved away from physical units and toward streaming and other digital platforms, vinyl sales numbers have grown substantially in each of the last six years, according to The Vinyl Factory. New research compiled by Deloitte and reported by the Financial Times shows that the vinyl revival is alive and well, and looks to continue its rapid growth in 2017. This aligns with the findings recently published by BuzzAngle Music in its year-end report on record consumption in the United States, which revealed that sales of vinyl records had risen by an astonishing 26% in 2016.
Weekly Vinyl Album Sales Beat Digital Downloads In The UK For The First Time
While vinyl’s modern-day comeback is not exactly news, the new report features a particularly salient new piece of data: Based on current trends, Deloitte projects that nearly 40 million records will be sold in 2017, which will make vinyl a billion dollar industry before the year is out. The vinyl record industry has not cleared this mark in nearly 30 years. As Paul Lee, Head of Technology, Media, and Telecoms at Deloitte explains in the report, “Consumers are choosing to buy something tangible and nostalgic and at a price point that provides record companies with significant revenues.”
[via The Vinyl Factory]