Music sales dropped consistently for two decades, and after a number of years, quite a few indie bands decided that investing in physical mediums simply wasn’t worth it anymore. As iTunes and then streaming platforms like Spotify and Apple Music took over the music industry, fewer and fewer fans opted to buy CDs, and vinyl was thought to be dead.
Now, things have changed dramatically, and more and more, fans want to buy the music they love the most in some type of physical format. Many artists are playing catch-up with this reversal of fortunes, and some still believe that there’s no need to have CDs or vinyl made when they have something new to share with the world. That thinking may have made sense a few years ago, but now, it might be a good idea to look into pressing vinyl records to offer your followers.
Here are four reasons why you really should be selling vinyl.
Fans Need Something To Buy
It may sound almost too simple to say, but if you don’t give your fans the option of buying your album on vinyl, they won’t be able to snap it up. You may have no idea how much money you’re missing out on earning by not even thinking of pressing your latest release on wax.
Of course, this only makes sense if you already have some sort of following. If you do have fans who regularly purchase things from your web store or at your concerts, whether that’s actual music or merchandise of some kind, expand your offerings! This includes pressing your new album on vinyl, and perhaps even digging back into your discography for those titles they may be interested in snapping up on a different format.
If you are truly just getting started, this might be an idea to hold on to for later, but if you’re making money from your art and you have fans out there, it could be time for you to make some vinyl!
It’s Becoming More And More Popular
CDs gained in popularity in the U.S. in 2021 for the first time in many years, and vinyl performed even better. In fact, from 2020 to 2021, wax record sales rocketed by more than 50%, and that trend will surely continue. If millions of Americans have already demonstrated that they’re interested in the format and they’re willing to pay for it, why shouldn’t you hop on this upswing?
As someone who is in the business of selling something to the masses (and as a commercial artist, that’s exactly what you’re doing), you shouldn’t look the other way when numbers like these pop up. Keep an eye on what’s happening in the music industry and try to follow the best business practices of those artists and labels that are already incredibly successful.
It Comes At A Premium Price
At a certain point, CDs started becoming cheaper, and then iTunes cannibalized all those sales. Pretty quickly, purchasing a brand new album cost fans under $10, and most stuck to only buying the one or two songs they wanted. Now, the majority of listeners prefer to stream their favorites, but something very very unusual has happened with vinyl. Instead of being thought of as an out-of-date format that no longer has a place in today’s all-online music economy, wax records are considered collectibles and something unique and special for super followers to buy.
Now that vinyl is not a must, but a luxury, musicians and labels can up the price on their LPs. For example, Taylor Swift’s Red (Taylor’s Version) vinyl is available in her online store for $50, while The Weeknd’s new record Dawn FM is going for $38. Those prices are much higher than the CD editions, or certainly the digital downloads. Yes, vinyl costs more to produce, but fans also appear to be happier to shell out more money to own it as well, which is good news for you.
Don’t spend all your money having vinyl made and then skimp on promoting your new record. Let’s start pushing it to the world!
It’s A High Quality Product
Most music lovers don’t care too much about quality, as long as the song is listenable. There are, however, some serious audiophiles out there, and they are typically open to spending more money so they can get the best listening experience possible. While streaming services have made fantastic advancements in terms of upping their game in the audio quality department, they’re not as great as vinyl, and CD doesn’t hold a candle to the format.
You have no idea how many of your fans are audiophiles, so there’s no telling if you’re missing out on sales by not giving them something they really want. Feel free to ask on social media if there are those who might want to purchase vinyl if you made it available, but know that this is a concern some music lovers have, and you may be able to address it and make some much-needed cash in the process.
Okay, enough vinyl talk. Now give Planetary Group a call so we can figure out what’s next for you and your music: (323) 952-5050.