Vinyl resurgence to power through into 2017 with $1bn of sales expected
Vinyl’s resurgence is expected to continue this year, with a new report today forecasting 2017 sales of $1bn (£0.8bn).
Deloitte believes vinyl revenues will enjoy their seventh consecutive year of double-digital growth, with 90 per cent coming from new and used discs and the rest from turntables and accessories.
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In a report predicting trends in media, telecoms and tech for 2017, the accountancy firm estimated that around 40m new discs will be sold, generating between $800-900 in sales.
Deloitte said vinyls are likely to account for up to 18 per cent of all physical music revenues and six per cent of total global music revenues of $15bn.
“Vinyl’s resurgence more than 40 years after peak sales in the late-1970s is something of a phenomenon,” said Paul Lee, head of tech, media and telecoms at Deloitte.
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“The ubiquity of music streaming services means that music has never been more accessible, portable and readily available for consumer. Yet, despite that, consumers are choosing to buy something tangible and nostalgic and a price point that provides record companies with significant revenues.”
The report also predicted that TV advertising revenues will remain flat in 2017, despite digital disruption. In the UK, the market is expected to be flat on 2016 at £5.3bn, and up eight per cent on 2014.