Is the increase in music streaming related to the increase in vinyl sales over the last few years?
in 2010 8 million people were paying subscriptions for music streaming services and by 2014 it had increased to a staggering 41 million people; including myself. music streaming seems like a great deal for people like myself that listen to a wide range of music for hours a day as i don’t have to pay for each song i want to listen to it becomes much easier and efficient.
physical and digital sales had the same split of the market in 2014 both having 46% of the market. digital sales have risen to this percentage where as physical has fallen to it. one physical platform for music that is still surviving is vinyl. “Vinyl sales account for only a small fraction of the overall industry revenues (around 2%), but they have seen a steady increase (54% in 2014).” http://www.ifpi.org/facts-and-stats.php So why has the sale of vinyl increased? is it just a passing trend or is the increase in streaming leaving people wanting to actually own the music that they really enjoy? the stats show that this could be the case with the large increase in vinyl sales however it could be a coincidence as “retro” is a style and trend that is in at the moment.
“You can stream for day-to-day needs but at the same time if you really love something and want to own and collect it you can go out and buy a vinyl,” said Gennaro Castaldo from BPI this view supports mine and supports the argument that streaming and vinyl sales are related.