With the recent passing of Record Store Day 2018 proving to be a huge success, the comeback of vinyl is no longer a fad for quirky hipsters or the up keeping of tradition for old collectors. The vintage format has been on the rise for almost a decade- now making up over 19% of the physical market.
Part of this growth has been propelled by the likes of Record Store Day; an event celebrated once a year involving over 200 independent record shops across the UK. CEO of The Entertainment Retailers Association (ERA), Kim Bayley, said this year, "was the best one yet" as “more stores get involved each year.”
The ERA is a trade association who represent both physical and digital retailers who participate in Record Store Day, much of the behind the scenes is run by Bayley, who said
“if you think back to beginning of Record Store Day and why it was created... it was really to celebrate the culture of independent record shops.”
Who is buying vinyl?
Forbes reports that a survey done by E-Bay showed that one in four 18-24 year olds have purchased a vinyl record in the last year, with many claiming they buy vinyl once a month. Nearly 50% of gramophone customers are 35 or younger.
21-year-old student, Kristina McNaulty, said "I like the sound better – that fuzzy crackle is really nice to listen to."
Bayley believes there are two main audiences.
“I think there is what you might call traditional vinyl buyers, over 45, predominately male – people who were interested in vinyl first time round are now dusting off their old records and adding to their collection”
However, “Increasingly what we are seeing is the 16-24 age group buying increasing numbers of turn tables and much more vinyl and that translates itself into the product that's being made available on Record Store Day.”
The generational switch confused 55-year-old mother, Angela Chenhalls.
"Here I am buying a turntable for my 19 year old daughter for Christmas and buying my 56 year old husband a digital speaker system – it's so weird."
Bayley said this may be due to the fact that current artists are placing their music on vinyl as well.
“Its no longer just about heritage acts... much more current artists are putting their product onto vinyl that appeals to a different age group."
Below is the top 5 Records sold in 2017 - both old classics and new hit albums.
Why is vinyl coming back?
The comeback of vinyl has arrived at an interesting point of digital revolution – where there are 180.3 million music-streaming subscribers in 2018 worldwide.
When asked why vinyl is returning as a popular format, Bayley said "it's not an either or, I think what you’ll find is that the younger generation are doing both. You will find that most of them have a subscription to Spotify or Apple Music as well."
With records now being sold in Urban Outfitters and supermarkets such as Sainsbury’s and Tesco, they are easily accessible to consumers. Most records will include a digital download code for audiences to have the ability to listen both on the go and at home on their turntable.
Bayley attributes part of the success of vinyl to its tangibility.
“When they want to collect music or really listen to music and connect with the artist and sit in a darkened room and listen to music, then vinyl is kind of the preferred format. I think because it’s something tangible, you know its much more akin to a piece of art, something that you want to collect and keep.”
Another student, Abby Roberts-Neeson, said she listens to both but prefers vinyl when she’s not in a rush.
“Obviously on the bus to Uni I listen to music on Spotify on my phone, but when I am at home I prefer listening to the sound of vinyl rather than the speaker of my phone – I enjoy the feeling of turning a record over.”
Will sales continue to grow?
According to a Research and Markets study vinyl pressing manufactures are increasingly building on modern technology to create advancements in the sound of vinyl records, with an HD vinyl record format being produced and hitting the market soon. This is predicted to propel the compound annual vinyl growth rate to 55.15% between 2016-2020.
According to the report, aesthetic appeal of vinyl records is a key factor for driving the market forward, as the activity of listening to music has been given high importance. For many music lovers, vinyl is the superior listening format and younger generations are beginning to realise this.
The growth of vinyl was tampered slightly by the lack of pressing plants, according to Bayley. However, with more pressing plants coming into the market, there is a capacity to sell more vinyl.
Bayley said "I think there's probably some point where there will be a natural plateau for vinyl as a percentage of market, but we are not there yet."
“It would be completely wrong to sit here and say that vinyl will make up 50% of the music market in 5 years time – it wont, it will remain a niche collectable product that makes up a significant portion of physical sales, but not by any means the majority”
Audiences across the globe have generally realised that streaming subscription services such as Spotify and Apple Music are “very good value,” she said.
Will it ever outweigh digital music?
Although sales are rising, in comparison to digital music, vinyl only makes up a very low percentage of the music market as a whole. If vinyl manufacturing becomes cheaper and therefore more affordable for consumers the sales may grow more than originally thought – however, this is unlikely due to music streaming convenience.
As a tangible format, anyone with an appreciation for music will continue to purchase the unique LP record and for this market the sound of digital cannot compete to the experience of vinyl listening
