Sales of vinyl records lifted by music streaming

Music streaming sites are helping to drive sales of vinyl records- new research suggests.

Music streaming sites are helping to drive sales of vinyl records- new research suggests.
Half of consumers say they listened to an album online before buying a vinyl copy, according to an ICM poll.

The behaviour is more common for people who use ad funded services such as SoundCloud or YouTube, suggesting free music can drive real-world sales.

However, 48% of people who bought vinyl last month admit they have yet to play it. Seven per cent of those surveyed say they do not even own a turntable.

Younger fans increasingly discover on digital but collect on vinyl.  Others say they buy records to support their favourite artists, while 50% of consumers identify themselves as “collectors”.

The resurgence in vinyl during a period of declining sales has been one of the music industry’s more surprising success stories.

In 2014, 2.1 million LPs were purchased by music fans as demand increased for an eighth successive year – climbing 64% to a 21 year high.

Official Charts Company figures suggest the rise has continued in 2016, with 637,056 records sold in the first three months of the year, accounting for almost 3% of the UK music market.

The vinyl revival has been spurred by Record Store Day – which started nine years ago as a means of supporting independent music retailers.

There were vinyl releases from artists including Justin Bieber, Abba, David Bowie, Alan Partridge, Foals, Chase & Status and the Dead Kennedys.

But the ICM Unlimited research shows that the majority of music (73%) is now bought online, with Amazon emerging as the top retailer, accounting for 27% of all sales.

Apple’s iTunes store is next, with an 18% market share, followed by supermarkets (10%) and high street record stores (7%).

Men are more likely to visit a bricks-and-mortar record shop than women, the figures suggest, but there has been an increase in the number of women buying vinyl.

“About 8% of men have bought vinyl in the last month, and that’s been fairly constant over the last three of four years,” says Andrew Wiseman, head of ICM Unlimited.

“Back in 2013, only 3% of women bought vinyl and that’s risen to 5% in the last year – so we’re starting to see that gap close.” However, he added: “It is still the case that less than 1 in 10 people are buying vinyl, and we shouldn’t forget that it’s still a relatively small part of the market.”

August 21, 2016  Tags: , , , ,   Posted in: Business Win, Digital Business, Global Businesses, Growing Businesses, Growing Sales, Online Sales Growth, Technological Businesses, Uncategorized

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