Vinyl set to become billion-dollar industry this year
For the first time since the 1980s, Vinyl is set to become a billion-dollar industry by the end of 2017, with sales having risen 26% during 2016. This comes as no surprise, considering that during a week in December last year vinyl sales overtook digital downloads in the UK for the first time ever with sales of £2.4million, beating digital sales at £2.1million.
The reasons behind the increase stem from multiple factors, the nostalgic appeal of vinyl is perhaps the biggest contributor. Despite being in the ‘digital age’, consumers may be in fact leaning towards purchasing music that they can physically hold. Regardless of the ease of digital downloads, a strong sense of ownership comes from purchasing either a CD or vinyl. This, coupled with the strong sense of nostalgia is surely motive enough to continue sending vinyl sales spiraling upwards.
The facts certainly don’t lie, and it appears that this time next year vinyl may be soaring ahead of digital downloads in revenue, heading towards it’s billion-dollar target, which could potentially re-shape the entire music industry and revolutionize artist revenue.
H/T: Variety News Club