NPR reports that sales of vinyl records have surged since 2008 and while they are still a small part of the market, they have surged to generate 3.6% of the global revenues for music.
The company stopped producing vinyl records almost 30 years ago to focus primarily on CDs, but given that vinyl sales reportedly reached a 25-year high last year, it makes sense that Sony would consider reproducing the old music format. This time around Sony Music is back in the news, dropping some news that will certainly help bring vinyl back.
Contrary to what the children of baby boomers might believe, vinyl records are far from extinct. The company has already installed record-cutting equipment at a recording studio in Tokyo, which will cut the master copies before they're sent to the factory for mass production. Or are you enjoying spinning records for the first time after growing up in the digital realm?
Deloitte the consulting firm has forecasted that the vinyl music industry will post growth in the double digits for 2017 for the seventh consecutive year selling over 40 million new records and generating revenue of over $900 million. Turntables and other vinyl-related accessories are also benefiting as a result.
Sony Music is about to plunge itself back into the thick of the vinyl record manufacturing business, some thirty years after it abandoned the music format, according to an NRP report. They should start rolling off the production line by March next year. It still hasn't yet decided which genres of music it will produce, according to the spokeswoman.
Sony's biggest challenge is the lack of engineers experienced in making records. Vinyl sales surpassed downloads in the United Kingdom past year.
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