Vinyl Records Market will reach USD 11.31 Mn Units by 2030. The Vinyl Records Market is driven by increasing preference in classical music and sound quality.
Vinyl Records Market to Hit USD 11.31 Mn Units by 2030
The Vinyl Records Market was USD 6.19 Mn Units in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 9 % from 2023 to 2030, reaching USD 11.31 Mn Units by 2030. Vinyl records, particularly recent pressings, are appealing to those who appreciate the subtleties of audio quality because they are sometimes thought to have a higher-quality sound than compressed digital forms. Vinyl records’ big format enables more intricate album packaging and artwork, appealing to music lovers and collectors who value the visual appeal of tangible media. In United States, vinyl sales growth exceeded CD sales, with vinyl records accounting for $1.2 billion in physical media sales out of a total of $1.7 billion. CD sales fell 18% year over year.
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Vinyl Records Market Segmentation
By Product: Long Plays normally include 12 to 15 songs, with each side often offering 30 to 45 minutes of music. The vinyl market is dominated by LPs, which frequently make up over 90% of all vinyl sales. Smaller vinyl records known as 7-inch singles or single play vinyl records usually have one tune on each side. They usually include 4 to 7 minutes of music per side and are made for singles, EPs (Extended Plays), or individual song releases.
By Features: Coloured Vinyl is quite popular among collectors because of its distinctiveness and aesthetic appeal. Although coloured vinyl makes up a lesser portion of the vinyl industry overall, it is still expanding, particularly due to the popularity of special editions and niche releases. Gatefolds are frequently used for deluxe editions, anniversary reissues, or special editions of records and are frequently regarded as luxury packaging.
Vinyl Records Market Regional Analysis
United States, in 2022, Vinyl records sold more than $1.2 billion, surpassing CD sales for the first time since the 1980s. vinyl sales have been steadily increasing every year. Vinyl sales in the United States increased by 94% in 2021 over the year before. Independent record stores and vinyl culture-promoting events are concentrated in major cities like Toronto and Vancouver.
France is one of Europe’s biggest vinyl marketplaces, with sales of vinyl reaching about 1.7 million units in 2020. Sales were predicted to reach over €100 million in 2022 if the market’s expansion continued throughout the next years. Vinyl sales in France have increased at a CAGR of about 15% to 20%.
Taiwan’s vinyl market has grown steadily, although not being as big as other major markets (such Japan or the US). Kao Chiao Records, Vinyl House, Jungle Records, and Taipei Vinyl Record Shop are the major key players of Taiwan vinyl market.
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Vinyl Records Market Competitive Landscape
Universal Music Group: The acquisition of EMI Music was one of UMG’s most important purchases ever for $1.9 billion. Major American record label Interscope Geffen A&M (IGA) and Universal acquired PolyGram. In 2022, Vivendi merged with Universal Music.
Sony Music Entertainment: In 2021, Sony Music acquired AWAL, a leading independent music distribution company. Also in 2021, Maverick, a renowned music and talent management firm that represents well-known performers including The Weeknd, Shawn Mendes, and Madonna, was acquired by Sony Music.
Conclusion
- Vinyl is becoming a desirable alternative for environmentally concerned customers due to attempts to reduce its negative effects on the environment brought about by growing interest in sustainable production methods.
