That’s right: vinyl records are about to become a billion dollar industry. That’s the latest prediction from Deloitte, who exclusively shared their data with Digital Music News.Looks like those beard-growing, wine-sipping hipsters were on to something. That is, a billion dollars worth of something. According to a game-smashing prediction released this morning, sales of vinyl records are set to become a billion dollar industry. That is, in 2017 after just seven years.
Specifically, sales of records themselves will reach the $800-900 million-mark, with turntables and other accessories likely throwing things into 9-figures.
“New vinyl revenues and units are likely to enjoy a seventh consecutive year of double-digit growth in 2017.”
And reshaping an entire music industry in the process.
40 million vs. 1 billion…But lest we get ahead of ourselves, Deloitte is calming expectations on this format. And putting things into perspective. The report notes that total vinyl album sales topped 1 billion in 1981, a figure that dwarfs expectations of 40 million units in 2017.
Further cooling things, Deloitte also says that vinyl records will never be the main event. Instead, wax will always play second fiddle to digital, which is at the start of its own mega-explosion.
According to the report, vinyl records are expected to comprise 6 percent of broader global music industry revenues of approximately $15 billion this year. “However, vinyl is unlikely to ever be music’s major growth or profit engine, with the future of music squarely focused on digital,” the report concludes.
Resinkoff, Paul. "In Just 7 Years, Vinyl Records Have Gone from ‘Fad’ to ‘Billion Dollar Industry’." Digital Music News. http://www.digitalmusicnews.com/2017/01/11/vinyl-records-billion-dollar-industry/.