Vinyl: The Cost For The Australian Music Industry

248 Words1 Pages
Vinyl has experienced an enormous economic growth over the past decade, with physical formats now accounting for 30.6% (107.9 million) of the total music industry as of 2016. For the first time in history, the amount of money spent on vinyl had surpassed even that of digital downloads in the UK alone reaching 2.4million pounds compared to the 2.1million made from digital music purchases. It was also the sixth consecutive year that vinyl had seen an increase in sales (in Australia), with a 70% upsurge in value (15.1 million) from 2015 to 2016. So how is it that a format of music that seemed non-existent five years ago is now a dominant source of income for the Australian music industry? Through the research conducted it was apparent that my