Global Vinyl Records Market: Industry Analysis and Forecast 2020 -2026
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Global Vinyl Records Market is anticipated to reach US$ XX Bn by 2026 from US$ XX Bn in 2019 at a CAGR of 7.1 % during a forecast period.
Global Vinyl Records Market Overview
The phonograph record with a speed of 78 rpm, a sound groove width of 0.10-0.16 mm, and a sound groove density of 30-50 per centimeter is referred to as a vinyl record, sometimes known as a bakelite record. Vinyl recordings are the names of regular people who used to listen to records. The record is a black disc-shaped film composed of graphite that is pressed with shellac and etched with bumps to record sound.
Global Vinyl Records Market
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Global Vinyl Records Market Dynamics
The global vinyl records market is anticipated to increase steadily in the next years. Vinyl records have an unrivaled aesthetic appeal in the digital world of music. One of the main reasons for the growth in demand is the experience that vinyl records give to music fans. Also, the growing popularity of live concerts is expected to fuel the vinyl record market. An increase in the number of promotional events, such as Record Store Day, is expected to enhance the vinyl records market. Record Store Day is a promotional event in which thousands of independent record retailers sell, buy, and promote vinyl records and turntables.
The promotion of vinyl records by private labels and merchants is one of the most significant trends occurring in the global vinyl records market. Record Store Day is a promotion and interest-generating event for local record stores in which retailers such as Tesco, Sainsbury's, and other retailers promote the sale of vinyl records through various promotional offers, releasing deluxe/limited editions of albums, and releasing deluxe/limited editions of albums.
However, one of the biggest difficulties that producers experience is piracy due to the growing demand for vinyl records. Also, the availability of digital music formats is a hindrance to the growth of the vinyl records market.
Impact of COVID pandemic on the Vinyl Records market
COVID pandemic has a major impact on the market in terms of sales as more than 43% of sales of units are hampered owing to disruption in transport capabilities of the manufacturers due to stringent norms of lockdown and increasing safety concerns. Furthermore, the closing of specialty stores & hypermarkets chains owing to stringent lockdown conditions across the globe has impacted the sales of the Vinyl Records market negatively.
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Last Update : 08 November 2021 4:58 PM
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