MusicWatch, a U.S.-based research and analytics company that serves the music industry, has released the results of a study it conducted in tandem with the Recording Industry Association of America (RIAA).
The study called, Revelations About the Vinyl Revolution, looks at the current state of the vinyl record market, including consumer preferences and the predisposition of vinyl consumers. The newly announced MusicWatch study polled about 1,400 a range of consumers across the U.S. between the period of March 7 to March 31.
The study found some interesting facts about consumer awareness of the format and its effect on music fans.
Live Date: Wed, May 25, 2022 12:00 PM EDT
In this fast-paced, one-hour webinar, attendees will learn:
How to establish your integration company and train your team to be go-to cybersecurity experts
What is ASM, what are the potential vulnerabilities and how to discuss it with customers
How to build an ASMaaS business model for your company and what is the RMR earning potential
“This landmark research conducted by MusicWatch underscores the unique role that vinyl records are playing today. The report shows that vinyl helps fans support and connect with artists and the music they love in both old ways and new,” states Mitch Glazier, chairman and CEO of the RIAA.
A Closer Look at the MusicWatch Study Numbers
Among the items the MusicWatch Revelations About the Vinyl Revolution study discovered in its research include:
An estimated 18 million consumers over the age of 13 purchased vinyl in 2021, which represents an increase of 27% over the previous year of 2020. Among vinyl consumers over the past two years 71% purchased new records and 67% purchased used vinyl records. Just about all of the consumers polled (95%) expect to continue buying records in the coming year.More than one-in-three buyers have been purchasing vinyl for more than 10 years, and these consumers value the “authenticity and warmth” that vinyl records deliver. The study finds those consumers that started to buy records more recently appreciate the sound quality vinyl provides, as well as its packaging and artwork, which make up the total vinyl record experience.Collecting records is also popular with 16% of purchasers buying records strictly to own them, while 21% buy records to own their LPs and to listen to vinyl. Vinyl records sales are fueling hardware sales. About one third of record buyers state they intend to upgrade their turntables or other audio components.The MusicWatch also says that vinyl buyers are also utilizing a range of other music purchasing formats, including the latest streaming solutions.
“Our organization was pleased to support MusicWatch in its research efforts. The members of our Physical Business Action Committee worked closely with Russ and his team to help promote more awareness about vinyl record retailers in general and their impact on their communities,” adds Portia Sabin, president of The Music Business Association.