A vinyl record, also known as gramophone record or phonograph record is an analog sound storage system that consists of a flat disc with an inscribed modulated spiral groove that usually starts near the periphery and ends near the center of the disc. Gramophone records were the primary medium used for commercial music production during most of the 20th century which was replaced by phonograph cylinder (a popular recording medium during 1990s.) Gramophone records remain the medium of choice for many audiophiles, and specialist areas such as electronic dance music and hip hop. The history of vinyl records dates back to 1877 when Thomas Edison developed the phonograph which was capable of replaying the recordings made.
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The global vinyl records market is expected to witness steady growth in the near future. In the digital era of music, vinyl records provide unparalleled aesthetic appeal. The experience which vinyl records provide for music lovers is one of the major reasons for the increase in its demand. Additionally, increasing popularity of live shows is anticipated to drive the vinyl records market. Increase in number of promotional events such a Record Store Day is also estimated to boost the vinyl records market. Record Store Day is a promotional event where thousands of independent record stores gather to sell, purchase, and promote vinyl records and turntable. However, pirating as a result of increased demand for vinyl records is one of the major challenges being faced by manufacturers. Additionally, presence of digital music format is another key restraint for the growth of the vinyl records market.
One of the prominent trends emerging in the global vinyl records market is promotion of vinyl records by private labels and retailers. Record Store Day is an event for exclusive vinyl only release for promotion and providing interest for local record stores where retailers such as Tesco, Sainsbury, and various other retailers promote the sale of vinyl records through various promotional offers, releasing deluxe/limited editions of albums. Additionally, there has been shift in the distribution channel for vinyl records. There has been surge in demand for vinyl records in the online segment. Major online brands such as Amazon, Ebay etc. have become preferred options among customers to buy vinyl records online due to wide availability of stock, free delivery, and the occasional and exclusive offers available at such sites.
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The global vinyl records market can be segmented on the basis of product type, end-use application, distribution channel, and geography. On the basis of product type, the Vinyl Records market can be segmented as Long Play (LP) Vinyl Records, Singles, and Extended Play (EP) Vinyl Records. According to end-use application, the Vinyl records market is segmented into private and commercial usage. In terms of distribution channel, the Vinyl records market can be segmented as online and offline. The online distribution channel can further be sub segmented as ecommerce websites and company websites whereas the offline market can be further sub segmented as specialty stores and supermarkets and departmental stores. In terms of geography, the Vinyl records market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.