Predictions, statistics and musings on the state of vinyl records in 2024

As a now 24-year veteran vinyl record store owner (that went fast!), I have witnessed the remarkable resurgence of vinyl records market in the past decades. Vinyl records have gone from being a niche hobby to a mainstream phenomenon, attracting music lovers of all ages and backgrounds. According to a report by IMARC Group, the global vinyl record market size reached US$ 1.8 Billion in 2023 and is expected to reach US$ 3.4 Billion by 2032, exhibiting a growth rate (CAGR) of 7.1% during 2024-2032¹. In this blog post, I will share my predictions for the vinyl record market and trends in 2024, based on my personal experience and industry insights.

• Vinyl Record Market Drivers and Opportunities

One of the main drivers of the vinyl record market is the aesthetic appeal of vinyl records. Vinyl records offer a unique sensory experience that digital formats cannot replicate. They have a distinctive sound quality, a tactile feel, and a visual appeal that create a connection between the listener and the music.

Vinyl records also have a nostalgic value, as they evoke memories of the past and represent a cultural heritage. Many vinyl collectors appreciate the history and artistry behind each record, from the cover art to the liner notes to the label design. As a now middle (I like to call it “medium”) aged collector, I’ve grown to appreciate how the tangible and visual aspect of an LP, or the label design of a 45 is intertwined with its contained music. The graphics in essence remind me of what the record sounds like, and if it’s something I feel like listening to.

Another factor that boosts the vinyl record market is the promotion of vinyl records as special editions or deluxe products. Many music labels and artists release vinyl records as a way of creating exclusivity and differentiation for their music. They often offer vinyl records in limited quantities, colored variants, gatefold sleeves, picture discs, or other features that make them more attractive and collectible. Some examples of recent vinyl releases that have generated a lot of buzz are Taylor Swift's Folklore and Evermore albums, which were released in various colored vinyl editions², and Adele's 30 album, which was released in a deluxe vinyl box set with a photo book and art prints³.

A third factor that contributes to the vinyl record market growth is the incorporation of advanced technologies into the vinyl record products and production processes. Technology has enabled vinyl record manufacturers to increase the disc capacity, improve the sound quality, and reduce the production costs of vinyl records. For instance, HD Vinyl is a new technology that uses laser to cut the grooves on the vinyl discs, resulting in higher fidelity, lower noise, and longer playing time⁴. Another example is Qrates, an online platform that allows artists and labels to crowdfund and press vinyl records on demand, eliminating the risk of overstocking and minimizing the environmental impact.

These factors create a lot of opportunities for the vinyl record market in 2024 and beyond. As the demand for vinyl records increases, so does the supply and variety of new vinyl records available in the market. Vinyl record collectors can expect to find more genres, artists, and formats of newly-produced vinyl records to suit their preferences and tastes.

Used records, a massive staple of the vinyl-collecting community, may begin to be referred to by their edition. First, second, etcetera - as opposed to the simple “original press” tag they have been referenced as in the past. After a particular 1960s classic rock LP has been reissued thirty or more times, the term “original” becomes far too specific and rarified.

• Vinyl Record Market Challenges and Threats

However, the vinyl record market also faces some challenges and threats that may hinder its growth and development. One of the main challenges is the competition from digital music formats, such as streaming services, downloads, and CDs. Digital music formats offer convenience, accessibility, and affordability that vinyl records cannot match. They also offer more features, such as playlists, recommendations, and social sharing, that enhance the music listening experience. According to a report by IFPI, global recorded music revenues grew by 7.4% in 2020, reaching US$ 21.6 billion, with streaming accounting for 62.1% of the total revenue. This shows that streaming is the dominant and fastest-growing segment of the music industry, posing a serious challenge to the vinyl record market.

A second perceived obstacle to the vinyl market in 2024 is the expense and difficulty of obtaining and maintaining quality of audio equipment on which to play records. However, companies like Audio Technica and others have recently begun offering very high-quality, attractive and affordable turntables a mere click away, with many of the most popular models being available via Amazon and sold at local record shops. Modern speaker companies such as Sonos have also been targeting the vinyl market with high-quality, low-cost speakers that can seamlessly switch between turntable and streaming-sourced audio.

A third challenge that the vinyl record market has to deal with is the environmental and social impact of vinyl record production and consumption. Vinyl records are made from PVC, a plastic material that is derived from fossil fuels and is not biodegradable. The production of vinyl records involves the use of chemicals, energy, and water, which generate greenhouse gas emissions, waste, and pollution. The consumption of vinyl records also entails the use of packaging, transportation, and storage, which add to the environmental footprint of vinyl records.

In my opinion, the vinyl record community is very innovative, creative, and communicative. Education and dialog both within the culture and extending outside of it to a new, curious generation of potential vinyl buyers is sure to keep the format alive and thriving.

• Final Groove: Wrapping Up the Vinyl Journey in 2024

The vinyl record market and trends in 2024 are shaped by various factors, such as the aesthetic appeal, promotional efforts, technological advancements, competition from digital formats, quality, and availability of vinyl record players and accessories, and the environmental and social impact of vinyl record production and consumption. As a vinyl record collector and record store owner, I am optimistic about the future of the vinyl record market, as I believe that vinyl records have a unique value and charm that will continue to attract and satisfy music lovers around the world. I also hope that the vinyl record market will become more inclusive, diverse, and responsible, reflecting the diversity and values of the music community.

For fellow vinyl enthusiasts, connect with us to sell your cherished vinyl records or explore our collection for your next musical treasure.

References

¹: [Vinyl Record Market Size, Share, Trends, Industry Report 2024-2032](^1^)

²: [Taylor Swift's 'Folklore' and 'Evermore' Vinyl Editions: See All the Colors](^2^)

³: [Adele's '30' Deluxe Vinyl Box Set Includes Photo Book, Art Prints & More](^3^)

⁴: [HD Vinyl: Everything You Need to Know](^4^)

: [Qrates: Press Vinyl Records On Demand]

: [Discogs: Music Database and Marketplace]

: [Record Store Day: Home]

: [Global Music Report 2021: IFPI]

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(1) Vinyl Record Market Size, Share, Trends, Industry Report 2024-2032.. https://www.imarcgroup.com/vinyl-record-market.

(2) Vinyl Records Market 2024-2028 - Technavio. https://www.technavio.com/report/vinyl-records-market-industry-analysis.

(3) Outlook on the Worldwide Vinyl Records Industry to 2024 - Markets Insider. https://markets.businessinsider.com/news/stocks/outlook-on-the-worldwide-vinyl-records-industry-to-2024-key-drivers-challenges-and-trends-1029307339.

(4) Outlook on the Worldwide Vinyl Records Industry to 2024 - GlobeNewswire. https://www.globenewswire.com/news-release/2020/06/15/2047866/0/en/Outlook-on-the-Worldwide-Vinyl-Records-Industry-to-2024-Key-Drivers-Challenges-and-Trends.html.

(5) Vinyl Record Market Size, Share, Trends, Industry Report 2024-2032.. https://www.imarcgroup.com/vinyl-record-market.

(6) Vinyl Records Market 2024-2028 - Technavio. https://www.technavio.com/report/vinyl-records-market-industry-analysis.

(7) Outlook on the Worldwide Vinyl Records Industry to 2024 - Markets Insider. https://markets.businessinsider.com/news/stocks/outlook-on-the-worldwide-vinyl-records-industry-to-2024-key-drivers-challenges-and-trends-1029307339.

(8) Outlook on the Worldwide Vinyl Records Industry to 2024 - GlobeNewswire. https://www.globenewswire.com/news-release/2020/06/15/2047866/0/en/Outlook-on-the-Worldwide-Vinyl-Records-Industry-to-2024-Key-Drivers-Challenges-and-Trends.html