The vinyl revival has been attributed to younger consumers, what the industry terms as ‘millennials’. MusicWatch reports that half of vinyl record buyers are under 25, with men more likely to buy records than women.
CNBC reports that the last time vinyl sales were so high in the US was in 1989, before compact discs began to dominate the music market in 1990.
“It’s definitely a bright spot for the business,” said Josh Friedlander, RIAA’s senior vice president of strategic data analysis. “In an increasingly digital age, vinyl records can provide a deeper, tactile connection to music that resonates with some of the biggest fans.”
It was recently announced that vinyl is the fastest growing music format, having overtaken streaming in terms of revenue.
Figures released in the US show that vinyl sales have increased by 52 per cent year-on-year to $222 million (£146m) in the first half of 2015.
Streaming is also on the rise but not as rapidly. Streaming revenue has experienced a 27 per cent increase during the same period to $163 million (£107m), according to the RIAA.