Special releases are contributing to their growth
The vinyl record market is expected to grow over the next five years, according to researchandmarket.com. The studies suggest that the global vinyl record market grew at a CAGR of around 7% during 2014-2019 and will continue moderate growth through 2025.
Traditionally, these records were used as the primary medium for commercial music production; however, they are now gaining immense traction among a new generation of artists as well.
The market is primarily being driven by rapid urbanization, along with the adoption of omni-channel retailing practices by vendors to increase their consumer base. Music collectors, audiophiles and disc jockeys consider vinyl records as a prized possession and are increasingly using them for concerts, shows and music recordings. Furthermore, these records also represent a significant part of pop music history and heritage, which is increasing their demand significantly in the contemporary music scenario.
Popular music labels are organizing events to release and offering deluxe or limited edition albums to promote vinyl records. Additionally, product manufacturers are integrating various technological advancements in the records to enhance disc capacity, maintain high definition (HD) audio quality and minimize the overall costs of production.
Other factors, such as aggressive promotional activities by celebrities and music personalities, along with increasing expenditure capacities of consumers, are projected to drive the market further.
The report has also analyzed the competitive landscape of the market with some of the key players being GZ Media, Implant Media Pty Ltd., Independent Record Pressing, MPO International (Aker Solutions), Optimal Media (Brand Networks), PrimeDisc International Limited, Quality Record Pressings, R.a.n.d.muzik Record Manufacturing, Record Industry, Pallas Group, Stereodisk LLC, United Record Pressing, etc.
