Press Pause: Renewed Interest in Vinyls from Younger Consumers Will Likely Support Industry Growth
Record stores have faced challenges because of shifting consumer preferences and increased competition from large discount and online retailers. Therefore, the accessibility of high-speed internet and streaming services has been resulting in a revenue drop for the Record Stores industry at a CAGR of 8.9% over the past five years, including an estimated 3.5% decrease in the current year, totaling $1.1 billion in 2023. In the same year, profit is projected to be stable at 1.3%. Despite declining sales, large discount stores have used purchasing power to capture market share by offering a wider selection of physical media at discounted prices, pressuring record stores.
Record stores primarily retail prerecorded audio and videotapes, CDs, DVDs, Blu-ray discs and phonograph records. Online sales are excluded from this industry.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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