The vinyl music market is growing steadily in the era of streaming services

Analyst firm Research And Markets has published a report on the European turntable market. According to its forecasts, the market will continue to grow steadily in the coming years.

In particular, the average annual growth of sales in the period from 2021 to 2025 will be about 6%. As a result, the European record market will grow by $96.68 million over five years.

Research And Markets notes that growth is driven by advertising campaigns, but it is not the main factor. The steady rise in demand is due to interest in older records and the aesthetic appeal of records.

The report covers some 25 phonograph record suppliers and several distribution channels including online retail channel, independent retailers and supermarket/branded stores.

What's remarkable is that sales of physical digital media are falling at the same time and, according to the RIAA, are already second to vinyl sales at least within the US. This makes sense since digital file storage has long been taken over by streaming services like Spotify, whose app allows listening to music even on watches with Wear OS or Apple Music with its app for all devices of "apple" ecosystem.

Source: researchandmarkets

Illustration: pixabay