FEATURE:
Waxing Empirical…
PHOTO CREDIT: Alana Sousa/Pexels
With Another Rise in Vinyl Sales, Will This Lead to a More Widespread Physical Music Renaissance and Reassessment?
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SOME more good news came in this week…
PHOTO CREDIT: Yelena Odintsova/Pexels
relating to vinyl and increased sales. In fact, rather than classic albums driving sales and being the go-to, new albums are leading a lot of people to the format. In fact, Lana Del Rey’s Did you know that there’s a tunnel under Ocean Blvd has seen massive vinyl sales. With the choice available online and the communal aspect of going to record shops and browsing, it does mean that we will continue to see steady sales. Events like National Album Day have raised interest in the classic format. Vinyl is very much a go-to for many. I will spread this out and ask about whether this new heigh for vinyl sales will impact other physical formats – in the sense that there is a revival and resurgence of physical music in general. Streaming is still popular, though there is a clear affection and desire for viny. Music Week explained more in their feature from yesterday:
“Vinyl sales have surged by 13.2% year-on-year for the first nine months of 2023.
According to data from the BPI, 3,952,262 vinyl LPs were sold during the year to the end of September. The year-on-year increase was ahead of the 12.4% growth for the first half of 2023.
At 15.1%, the year-on-year increase was even bigger during the three months of the Q3 period. A total of 1,237,620 vinyl LPs were sold in the quarter.
Vinyl sales increased by a fairly modest 2.9% in 2022, but double-digit growth for the format looks likely to return for 2023. With a potential blockbuster Q4 line-up – including albums from Take That, the Rolling Stones and Taylor Swift – vinyl is set for another strong quarter during the gifting season.
Black Friday, Record Store Day’s sister event, will take place on November 24. More than 90 artists, including De La Soul, Sia, Joni Mitchell, Prince, Rilo Kiley, The Doors and Post Malone, will release limited edition vinyl editions.
The indie retail sector spoke to Music Week for a feature in our current edition – you can read insights from Rough Trade, Crash Records, Banquet and Drift.
Speaking about the impact of Record Store Day as part of the feature, ERA CEO Kim Bayley said that the annual event “stands alongside the invention of streaming as a landmark moment for music” and became “the single most important catalyst” for the vinyl revival.
Record Store Day stands alongside the invention of streaming as a landmark moment for music
Kim Bayley
“Are there wrinkles in it? Are there challenges? Of course,” she told Music Week. “That is why we tweak the day every year and take feedback from the entire industry as to ways to shape the day. But the big picture is that it has been and continues to be a resounding success.”
Speak Now (Taylor’s Version) by Taylor Swift was the biggest-selling vinyl release during Q3 with 29,649 sales (Official Charts Company), followed by Blur’s The Ballad Of Darren (26,894), Kylie Minogue’s Tension (19,160), Olivia Rodrigo’s Guts (14,611) and Wham!’s The Singles: Echoes From The Edge Of Heaven (10,782).
The biggest vinyl release for the year to date is Lana Del Rey’s Did You Know That There’s A Tunnel Under Ocean Blvd, which has sales of 33,568 on the format.
With CD sales down 6.3% year-on-year so far in 2023 (to 7,270,654), physical sales are flat overall (down just 0.5% to 11,365,554).
Streaming is of course the dominant means of music consumption now, taking an 88.5% share of the recorded music market. Streaming growth remains in double digits with an 11.6% increase in Streaming Equivalent Albums (SEA) to the end of Q3 (118,914,835 units), according to the BPI.
Overall music consumption (AES) is up 9.8% year-on-year so far in 2023 at 133,914,835 equivalent album units.
IN THIS PHOTO: Taylor Swift/PHOTO CREDIT: Getty Images for TAS Rights Management
2023’s biggest albums & singles
According to Official Charts Company data, The Weeknd’s The Highlights is the most consumed album of the year so far (304,923 chart sales in 2023). It has been out in front since Q1.
The Highlights is one of six catalogue titles in the Top 10 for the year to date.
Taylor Swift’s Midnights is at No.2 overall (264,260 sales in 2023) for the year to date, followed by Harry Styles’ Harry’s House (230,927).
The biggest week one sale so far remains the 95,882 for Lewis Capaldi’s Broken By Desire To Be Heavenly Sent.
In the artist album rankings, Taylor Swift’s Speak Now (Taylor’s Version) was the biggest album of Q3 (131,471), followed by Olivia Rodrigo’s Guts (100,848), which achieved that gold certification in just three weeks.
The biggest UK breakthrough in the album rankings so far this year is Polydor-signed Clavish, whose mixtape Rap Game Awful makes the overall Top 100 to the end of Q3 (No.94, 59,092 sales).
Miley Cyrus’ Flowers, which spent 10 weeks at No.1, is the biggest single with 1,496,859 sales, followed by UK star Raye’s smash Escapism (feat. 070 Shake) on 997,024 chart sales in 2023 (the No.1 for Raye has 1,228,614 sales including those at the end of last year).
During Q3, Sprinter by Dave & Central Cee – which spent 10 weeks at No.1 – emerged as the quarter’s biggest single (612,888 sales).
Olivia Rodrigo was at No.2 with Vampire (498,407), followed by Dua Lipa’s Dance The Night at No.3 (402,282).
Dance The Night is taken from The Barbie Album soundtrack, which would have made No.2 in Q3 (127,152 sales) but for its inclusion on the compilations chart.
Subscribers can click here to read our feature on independent retail as the sector prepares for the busy Q4 period”.
PHOTO CREDIT: Alina Vilchenko/Pexels
Some might say that younger listeners buying vinyl is to be trendy or have the artwork. As I have said in previous features when reacting to the ongoing popularity of vinyl, there is this need for ownership and having something tangible. You get a different relationship with and reaction from an album if you play it on vinyl. Something that can be prized and passed to friends or future generations, there are modern albums that will be future classics. In the same way our parents bought vinyl and have kept them alive, we will see many albums bought this year that are going to be in record collections for decades to come! Maybe the fact C.D.s are stalling and no real boom is happening leads us back to cassettes and alternative physical formats. I think a reason C.D.s are not played as much is because of the lack of devices. Fewer people have C.D. players in their cars. Older systems and Hi-Fis where you could play C.D.s are more reserved to older listeners. For younger fans of physical music, it is great that vinyl is healthy. Despite the fact the cost of a single album on vinyl can cost anywhere between £15-25, there is still this demand. Artists such as Lana Del Rey and Taylor Swift are helping bring vinyl to a new generation. Also, as this report lays out, the effect of increased vinyl sales means the turntable market is growing:
“The Turntables Market is a thriving industry that caters to audiophiles, music enthusiasts, and professionals in the music production sector. This report offers a comprehensive overview of the market, presenting key market insights, the impact of COVID-19, latest trends, driving and restraining factors, segmentation, regional insights, key industry players, industry developments, report coverage, and frequently asked questions.
“According to the Market Research Report, the Turntables market is expected to surpass USD 569 by 2027, which is an increase from its current value of USD 395 in 2022. This growth is projected to have a compound annual growth rate (5.4%) between 2023 and 2027.” Ask for a Sample Report
KEY MARKET INSIGHTS: Turntables Market
The Turntables Market is witnessing steady growth due to the resurgence of vinyl records and the revival of analog audio equipment. Key market insights reveal that direct-drive turntables are gaining popularity among DJs and music producers for their precise speed control and quick startup. Additionally, belt-drive turntables are favored by audiophiles for their smoother rotation and reduced motor noise.
COVID-19 IMPACT: Turntables Market
The COVID-19 pandemic had a mixed impact on the Turntables Market. While the initial lockdowns and restrictions disrupted supply chains and sales, there was an increase in demand for turntables from consumers seeking home entertainment options during quarantine. The market experienced a surge in vinyl record sales, benefiting the turntables market”.
PHOTO CREDIT: Matthias Groeneveld/Pexels
I have said this before, but I do feel that to encourage physical sales wider than the vinyl market, there needs to be the same availability of other technologies to go alongside turntables. I am not sure what bizarre hybrid it could be. Manufacturing new turntables so there is a playing option/compatibility for C.D.s and cassettes. A new line of players and Hi-Fis for cassettes and C.D.s. Of course, one can still buy older models, though I am not sure how many people buying vinyl who also would necessarily have space or budget for a Hi-Fi. It takes me back to the debate around portable players and reviving them. Again, there are options out there, yet they can be expensive or old-fashioned. A turntable does not necessarily need to adapt in the modern age. I do feel the price of vinyl needs to come down a bit to make it more accessible to all. There are issues and hurdles regarding shipping, the number of vinyl plants, together with the cost of producing a vinyl record to start. I know I am repeating myself from features earlier in the year. The new good news regarding vinyl sales is reason to reinstall and highlight those points. I think that there does need to be focus given to other physical formats and ensuring that there are affordable and convenient options - that means we do not solely rely on vinyl. People still want to listen to albums on the go. The vast majority of people doing that do so through their phones.
PHOTO CREDIT: Car Girl/Pexels
Even if the overall sales of vinyl are high so far this year, as has been pointed out, sales of new albums have slightly declined. Perhaps classic albums are still favoured or obtainable to a different (maybe older) demographic. I wonder whether a younger audience who might want to buy a vinyl copy of a new album do not have the disposable income. That, or they are being given too many reissues and deluxe editions. It is a hard thing bringing down the cost of a vinyl album, given all the costs and logistics involved from pressing to manufacturing. If we celebrate the vinyl market in general, at such a tough and cash-poor time where fans still want to show to own physical music, there does need to be serious thought given to C.D.s, cassettes, and even relaunching a bygone option like MiniDisc. Few of us felt that, by 2023, physical music sales would be hampered by outdated hardware formats or the discontinuation of others. With so many new artists struggling to make a living and relying on album sales to do anything, it is imperative that we make it an affordable as possible. Sites like Bandcamp are really great if someone wants a digital copy. If you are in a shop or want to get a new album, often the vinyl copy can be expensive. You may buy that and decide not to buy a further one (to budget). That, or people are not buying vinyl at all. It would be interesting to see an age demographic and types of albums that each bought.
IN THIS PHOTO: Feist/PHOTO CREDIT: Mary Rozzi via The New York Times
One of the best albums of this year is Feist’s Multitudes. I was sorely tempted to own it on vinyl but, as you can see, it is quite pricey. Maybe the sheer weight of vinyl makes it harder to produce at a lower cost. Even so, I see different websites and stores quoting different prices for albums. Artists want to sell as many as they can, and yet they have no influence when it comes to setting the price. With so many offering album bundles where you can get a C.D. and cassette, there are options. As I have said many times, fewer people have the devices on which to play them. It is an awkward situation where the fuller picture needs to be represented. Yes, vinyl sales look brilliant, though they do not really highlight how few non-mainstream artists see big vinyl sales. I suspect a lot of teens and people in their twenties do not have the income and option to buy many vinyl albums. Also, there does seem to be this assumption that C.D.s are cassettes are irrelevant and shouldn’t be highlighted. Maybe they have disadvantages that will require major restructuring and remodelling (the vulnerability of the cassette; the fact people don’t have C.D. players). A few things are clear. Vinyl is growing and sales suggest, whether older or new albums are being bought, there are encouraging signs. We also know that fans want physical music and to have that balance with streaming. That means, if vinyl prices are high or there are reasons why fewer new albums are selling huge number, cost and accessibility is considered. Whether uncool or flawed, I still feel there is value and that cheaper option by making C.D.s and cassettes available to play portably – which might mean reissuing a new-style version of the classic Discman/Walkman. Regardless, those sales figures at the top are reason to be cheerful at least! I hope that this pleasing trend continues…
PHOTO CREDIT: cottonbro studio/Pexels
RIGHT through 2024.