This week, on Mindshare's Culture Vulture Live, Alexandra Spaseff looks at the recent growth for vinyl records.
According to the Recording Industry Association of America, sales for vinyl records hit a 28-year high in 2015, reaching 416 million dollars. But a new study in the UK shows that 48% of people who bought a vinyl record last month haven't actually played it yet. And 7% of those surveyed don't even own a turntable -- so whether or not they actually plan on listening to these records is unclear.
All of this begs the question ... if a big chunk of people aren't actually playing the records that they buy, why buy them at all? It comes down to a couple different trends, all of which brands and marketers should keep in mind.
One is the power of nostalgia -- something that we've been tracking at Mindshare through a trend called Backtrack. The physical aspect of a vinyl record versus just buying music online makes people feel like they're back in a different time. It's why we're also seeing new companies pop up that transform digital media into physical. Like Ubersnap, an app that turns short GIFs into photo prints.
Another factor for consumers is self-expression. Whether you're just putting up records for home décor or Instagramming your recent purchase, people are using vinyl to signal something about themselves. For brands, if you can help consumers tell a story about themselves, be it on social media or in real life, you'll be able to drive deeper engagement.
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