crednews is the original content division of cred.ai

the original content division of cred.ai

Long Live Vinyl

In a year largely devoid of live, in-person concerts, fans grew eager for new ways to engage with music. Many found an answer in vinyl, rediscovering the value of physical records in a world otherwise defined by virtual interaction.

According to the Record Industry Association of America (RIAA), LP sales grew over 28 percent in 2020 alone. Many manufactures found themselves struggling to sustain that increase, as production capacities suffered due to staffing shortages and social distancing mandates throughout the pandemic, according to Vice.

Billy Field, vice president of sales and vinyl strategist at WEA, the artist and label services arm of Warner Music Group, offered an explanation for vinyl’s comeback in the age of digital music and streaming services like Apple Music, Spotify, Soundcloud, and Tidal, among others:

“In these unprecedented times it is the labels’ and artists’ continued focus on the fan connection via collectible, bespoke offerings, the addition of incredibly strong hip-hop and pop releases that are converting new generations into vinyl fans and the never-ending reason for vinyl’s ascendance: It’s eternally cool.”

Music analytics provider MRC Data reports that approximately 9.2 million LP records were sold over the past six months. According to Pitchfork, vinyl is proving so popular that industry experts predict sales could reach $1 billion this year, compared to $626 million in 2020.

Supply chains are buckling under pressure brought on by more than just consumer demand. In a conversation with Billboard last month, Memphis Records CEO Brandon Seavers articulated the effects of corporate incursions into the record industry: “Big boxes buying into vinyl has changed the picture,” he said. “In 2020, the average order on a title was 3,700. Now the average order is 7,000 to 8,000.”

Amazon, Target, and Walmart are among the largest new companies to have ventured into vinyl sales. Many are concerned by the presence of such massive retailers. Can the record industry sustain its own resurgence?

share this video

© crednews a division of cred.ai

trending stories

cred.ai originals

latest posts

Used electric vehicles (EVs) are having a moment. Pre-owned electric-car purchases jumped 40 percent year over year in July to 36,670 units—about 2.2 percent of the used market—per Cox…
The Federal Reserve cut its benchmark interest rate on Wednesday by 0.25 percentage points, lowering the target range to 4–4.25 percent—its first reduction since last December, Reuters reported. The…
“The Great Lock-In” has become fall’s catchphrase—a September-through-December sprint to clean up sleep, screen time, fitness, finances, and work habits before year-end. The trend has seen a swift rise…
The 77th Primetime Emmy Awards in Los Angeles last night felt like a reset button for TV. The show pulled in 7.42 million viewers across CBS and Paramount+, an…

view the code through your phone’s camera
app and click the link that appears.
click the  X  or “esc” to close.