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The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments. It also includes an in-depth analysis of the akey drivers, trends, and challenges faced by the market.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Market. Some of the major companies in the market include:
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Austep Music, KGaA, Erika Records Inc., GZ Media AS, Implant Media Pty Ltd., Independent Record Pressing, Microforum Services Group, MPO France, Pallas Group, PrimeDisc Ltd., Quality Record Pressings, R.A.N.D. MUZIK GbR, Record Industry BV, Suitcase Records, SUNPRESS VINYL, Takt Direct GmbH, The Vinyl Factory Ltd., United Record Pressing, Vinyl Presents Ltd., and Zenith Records
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the data with 2023 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The aesthetic appeal is notably driving the market growth. This stands as one of the fastest-selling and growing mediums of music, despite the acceptance of digital media. The experience of listening to music played is one of the major reasons for the demand for such vinyl records. Moreover, one of the key features of this is their ability to represent important events in pop music history and heritage while providing a sense of the cultural background, which is modern and urbane. Thus, such factors have increased the demand for this market, and are expected to continue during the forecast period.
Promoting vinyl records as special editions or deluxe products is a key trend shaping market growth. Young people listen to music on many devices and different formats; however, they are increasingly investing in vinyl records for their most loved recordings. Consequently, various players are trying to differentiate their product offerings by launching special and deluxe editions of their copies. In addition, different artists and labels are promoting their products as deluxe products, quoting a higher price to increase revenue. Pricing is another factor that is taken into account, whereby the additional features included in a vinyl album increase the pricing of the product. Hence, such factors will support the growth of the market during the forecast period.
The challenge posed by digital music formats will hinder market growth. The music industry is going through a transition. The current trend is the streaming format, which has witnessed significant growth over the past few years. Furthermore, fast Internet connection has allowed people to access music directly via cell phones or other electronic devices. Moreover, the streaming culture stands as one of the main trends among consumers, especially in developed countries. However, it continue to be a niche segment. Thus, such factors may impede the growth of the market during the forecast period.
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The LP/EP vinyl records segment is estimated to witness significant growth during the forecast period. Most record labels use LP vinyl as the standard format for vinyl records. The increasing demand for retro music is the major factor driving the growth of the segment. Companies are also offering different colors in LP vinyl records for retro music with creative packaging to attract customers in the market. LP vinyl records can now record over 20 minutes of playtime on each side, with more tracks available per purchase. These are the most preferred format among music lovers, especially vinyl record aficionados. The LP/EP vinyl records segment was the largest segment and was valued at USD 1,070.12 million in 2018. Moreover, EP (extended play) vinyl records were introduced as singles through the vinyl format. LP/EP vinyl records are mostly used in album launches. The rising popularity and promotional activities of EP records would further propel the demand for LP/EP vinyl records during the forecast period.
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The Market is segmented by distribution channel into two categories online and offline.
North America is estimated to contribute 32% during the forecast period.
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Technavio’s analysts have elaborately explained the regional market growth and trends that shape the market during the forecast period. The US is the major revenue contributor to the market in the region. There are several music publishers and vinyl record-pressing plants across North America. The high spending capacity of the population drives the growth of the music market in the US. The high GDP per capita indicates the high spending capacity of the population, which allows them to spend on this. This is likely to increase the revenue generated by the music market in the country. The sales in the US are witnessing continuous growth every year, which will drive regional market growth during the forecast period.
The market is experiencing growth due to factors like rapid urbanization and the adoption of omnichannel retailing practices. Despite the rise of digital music formats, it continue to hold appeal, with enthusiasts valuing their analog sound quality over digital recordings. This has led to a demand for high-end vinyl playback equipment.
Innovations in manufacturing technologies, such as those developed by Viryl Technologies, have made it easier to produce vinyl records, contributing to the market's expansion. Companies in this market are employing both organic expansion tactics and inorganic expansion tactics to capitalize on this growing interest.
As a result, there has been an increase in the establishment of vinyl record pressing facilities, ensuring a steady supply of this to meet the demand. Despite the digital age, the market remains resilient, attracting both new and seasoned listeners who appreciate the unique experience and sound quality offered by vinyl records.
Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.22% |
Market Growth 2024-2028 |
USD 790.55 million |
Market structure |
Fragmented |
YoY growth (%) |
7.31 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key consumer countries |
US, Japan, Germany, France, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Austep Music, Edel SE and Co. KGaA, Erika Records Inc., GZ Media AS, Implant Media Pty Ltd., Independent Record Pressing, Microforum Services Group, MPO France, Pallas Group, PrimeDisc Ltd., Quality Record Pressings, R.A.N.D. MUZIK GbR, Record Industry BV, Suitcase Records, SUNPRESS VINYL, Takt Direct GmbH, The Vinyl Factory Ltd., United Record Pressing, Vinyl Presents Ltd., and Zenith Records |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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