With the music industry having been in a downward spiral for many years, there has been an increase in digital sales, and more specifically, digital singles, but their costs are a fraction of what an artist and label would collect in the past. The Gracie Management Poll has found that a sizable minority of core music consumers, 30%, representing over 21 million people, have an interest in purchasing a vinyl LP in the next 12 months, even though the cost in many cases is greater than buying an album on iTunes or a physical CD.
"This is an important finding. For many years music fans have been moving towards cheaper or completely free ways of consuming music, but the vinyl LP format is not only growing, but actually costs more than other formats, showing the greater financial commitment some fans are willing to make, which also suggests a stronger general bond to the artist whose LP they purchase," says Chasson Gracie, Founder and CEO of Gracie Management.
Further digging into the data revealed the typical vinyl buyer is more likely to be a male (62%) who listens to music as an intellectual experience (66%). In addition, he is more likely to be middle-class in respect to income and either currently in college or already graduated (69%). "He is not rich, but he has reached a point in his life in which he has some disposable income, and is willing to spend it on things that give him value and an experience, such as shopping for and buying vinyl records. Based on RIAA data, we should expect this population to continue to grow," continues Chasson.
"While I would recommend that mainstream and independent artists give serious thought regarding the vinyl LP as it can be a great return on investment, I especially recommend it for artists whose music might be more of an intellectual experience and see themselves having a fanbase like that of a Sigur Ros, Bloc Party, Bjork or Radiohead," says Chasson.
Last updated by Melodic Revolution Records Aug 27, 2012.