In Just 7 Years, Vinyl Records Have Gone from ‘Fad’ to ‘Billion Dollar Industry’

 

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.

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After that, who knows how big this can go.  The prediction was outlined in Deloitte’s just-issued ‘TMT Predictions’ report.  “Music industry vinyl is expected to continue its remarkable resurgence, approaching US $1 billion globally in revenues for the first time this millennium,” the report declares.

“New vinyl revenues and units are likely to enjoy a seventh consecutive year of double-digit growth in 2017.”

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Actually, music industry groups like the IFPI have been counting ten straight years of growth.  But hey, let’s not squabble: this is a growth spurt that keeps going, and bringing new users into the mix.

And reshaping an entire music industry in the process.