Vinyl Records Getting Their Groove Back

For the past several decades, vinyl records have been mostly forgotten, but not entirely gone. Keeping the medium alive was mainly audiophiles convinced that digital recordings were tinnier and less robust than their plastic predecessors.

But the needle has dropped on a new era for vinyl, a new study by ResearchAndMarkets.com concludes. That study predicts the global market for vinyl records will grow from $1.5 billion last year to $2.4 billion by 2030, a compounded annual rate of 7.1% for that period.

That uptick is being driven by several factors, the report notes:

• An increasing demand for physical media in a predominantly digital age, which reflects a broader trend towards nostalgia and the desire for authentic, tangible experiences. Vinyl’s resurgence is also fueled by the support of independent and mainstream artists who appreciate the format’s artistic and aesthetic value, often releasing special editions and exclusive content on vinyl.”
• Collectors and younger generations seeking to connect with music history and experience albums as they were originally intended. Additionally, the rise of Record Store Day and similar events has galvanized a community of vinyl enthusiasts, boosting sales and fostering a fan culture around vinyl collecting.
• Continuous innovation in record player technology and the integration of modern features, which have made vinyl more accessible to new audiences.

This translates into growth opportunities by existing and new independent record stores, as well as for retailers that may carry vinyl as a side line, such as book stores.

(Editor’s note: Cassette tapes, another outmoded format for playing music, are also enjoying a resurgence, especially with Gen Zers, The Wall Street Journal reports.)

Click here for more on the outlook for vinyl record sales.