Source: fortune.com
When Record Store Day started in 2008, it was
conceived as a way to draw attention to independent record stores. But a funny
thing happened in the following years: Records - actual LP record albums -
mounted a comeback in pop culture.
And
as fans of vinyl celebrate the unofficial holiday today, the audience - and
reach - of the medium has changed considerably.
Vinyl,
initially, saw a resurgence as hipsters in their 20s and early 30s sought a way
to differentiate their music listening. Albums were old school, filled with
hisses and pops that digital music had erased. But those flaws added a depth
and warmth to the music that even people who once owned extensive album
collections had forgotten after years of listening to digital music. (Digital
is technically cleaner, but the compression technology in MP3s tends to dull
the highs and lows.)
Flash
forward to 2015. Fueled by that unique sound quality and a nostalgia wave,
sales of vinyl records were up 32% to $416 million, their highest level since
1988, according to the RIAA. (CD sales, while much higher in total income, were
down 17%.)
Put
another way: Revenues from vinyl sales last year were higher than those of
on-demand ad supported streaming services, such as YouTube, Vevo and Spotify's
free service, which only accounted for $385 million, according to the RIAA. (To
be clear, though, paid subscription services and Internet radio services, like
Pandora, greatly exceeded LP and EP sales.)
Meanwhile,
vinyl is no longer solely the domain of independent record stores. It's quickly
becoming ubiquitous in retail stores everywhere. Chains like Barnes & Noble
(bks, -6.11%), Urban Outfitters and even Whole Foods (wfm, +0.13%) now carry
albums. It's not cheap, either. While most baby boomers likely remember records
as being in the $10-$20 range, a new copy of Bruce Springsteen's Born in the USA today will
run you nearly $40.
Given
the increasing number of retail locations for vinyl, it's no surprise that
today's biggest artists are embracing it as well. Taylor Swift put out an LP
version of her hit "1989" and Justin Bieber will release a 12-inch
picture record for his single "Purpose" exclusively for Record Store
Day today.
The
Biebs is just one of hundreds of artists who will be releasing vinyl albums on
Record Store Day. Fans of the recently departed David Bowie will have a chance
to get a limited edition pressing of six songs from very early in his career on
I Dig Everything – The Pye Singles 1966. (Only 7,500 copies are being made.)
There will be a new release of archived material from The Doors, Bob Dylan and
a 1977 performance from The Grateful Dead. Even The Monkees are releasing a
10-LP box set of their studio albums and rare tracks.
And
experts say don't be surprised if vinyl continues to see noticeable growth in
the years to come.
"It would seem that they are bringing the products
back to create or capitalize on a nostaglia wave," says Barbara Kraus,
director of research at Parks Associates. "It also creates a new
experience for people who were born during the digital age."
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