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The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments. It also includes an in-depth analysis of the akey drivers, trends, and challenges faced by the market.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Market. Some of the major companies in the market include:
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Austep Music, KGaA, Erika Records Inc., GZ Media AS, Implant Media Pty Ltd., Independent Record Pressing, Microforum Services Group, MPO France, Pallas Group, PrimeDisc Ltd., Quality Record Pressings, R.A.N.D. MUZIK GbR, Record Industry BV, Suitcase Records, SUNPRESS VINYL, Takt Direct GmbH, The Vinyl Factory Ltd., United Record Pressing, Vinyl Presents Ltd., and Zenith Records
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the data with 2023 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The aesthetic appeal is notably driving the market growth. This stands as one of the fastest-selling and growing mediums of music, despite the acceptance of digital media. The experience of listening to music played is one of the major reasons for the demand for such vinyl records. Moreover, one of the key features of this is their ability to represent important events in pop music history and heritage while providing a sense of the cultural background, which is modern and urbane. Thus, such factors have increased the demand for this market, and are expected to continue during the forecast period.
Promoting vinyl records as special editions or deluxe products is a key trend shaping market growth. Young people listen to music on many devices and different formats; however, they are increasingly investing in vinyl records for their most loved recordings. Consequently, various players are trying to differentiate their product offerings by launching special and deluxe editions of their copies. In addition, different artists and labels are promoting their products as deluxe products, quoting a higher price to increase revenue. Pricing is another factor that is taken into account, whereby the additional features included in a vinyl album increase the pricing of the product. Hence, such factors will support the growth of the market during the forecast period.
The challenge posed by digital music formats will hinder market growth. The music industry is going through a transition. The current trend is the streaming format, which has witnessed significant growth over the past few years. Furthermore, fast Internet connection has allowed people to access music directly via cell phones or other electronic devices. Moreover, the streaming culture stands as one of the main trends among consumers, especially in developed countries. However, it continue to be a niche segment. Thus, such factors may impede the growth of the market during the forecast period.
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The LP/EP vinyl records segment is estimated to witness significant growth during the forecast period. Most record labels use LP vinyl as the standard format for vinyl records. The increasing demand for retro music is the major factor driving the growth of the segment. Companies are also offering different colors in LP vinyl records for retro music with creative packaging to attract customers in the market. LP vinyl records can now record over 20 minutes of playtime on each side, with more tracks available per purchase. These are the most preferred format among music lovers, especially vinyl record aficionados. The LP/EP vinyl records segment was the largest segment and was valued at USD 1,070.12 million in 2018. Moreover, EP (extended play) vinyl records were introduced as singles through the vinyl format. LP/EP vinyl records are mostly used in album launches. The rising popularity and promotional activities of EP records would further propel the demand for LP/EP vinyl records during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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