The technology, media and telecommunications (TMT) practice at Deloitte, the business advisory firm, has today announced its predictions for the technology sector in 2017.
According to new research by Deloitte and reported by the FT, these sales, which include new turntables and accessories, contribute 7% to the $15 billion that the global music market is expected to reel in.
Paul Lee, head of technology, media and telecoms research at Deloitte, said: “The ubiquity of music streaming services means that music has never been more accessible, portable and readily available for the consumer.
“Yet, despite that, consumers are choosing to buy something tangible and nostalgic and at a price point that provides record companies with significant revenues.”
But Lee also warned that the vinyl revival may be hitting its upper limits: “Vinyl has a future in music, and an attractive one from a financial as well as an aesthetic perspective, but it is not, and is unlikely ever to be, its major growth or profit engine.”
The Vinyl Factory points out that sales of vinyl in the United States rose for an 11th straight year, while over 3.2 million LPs were sold in the UK last year to mark a 25-year high. Of course, Lee acknowledged that the bubble still stands to burst.