Following the successful culmination of the 12th Seoul Record Fair, Korea’s premier vinyl festival, there has been a notable resurgence in the popularity of vinyl within the country. (Image courtesy of Yonhap)
SEOUL, Dec. 1 (Korea Bizwire) – Following the successful culmination of the 12th Seoul Record Fair, Korea’s premier vinyl festival, there has been a notable resurgence in the popularity of vinyl within the country.
The two-day event, hosted at COEX in Seoul on November 18 and 19, has experienced consistent growth since its inception in 2011. Attendance skyrocketed from 10,000 visitors in 2017 to an impressive 20,000 in 2018.
While records were once the backbone of the music market, the rise of CDs and MP3s in the 1990s led to a virtual halt in domestic production. However, a shift occurred in the mid-2010s, marked by a renewed desire to own music and a local trend called “digging,” wherein enthusiasts seek out records that align with their musical tastes.
The ‘neutro’ craze, a nostalgic return to analog culture, further contributed to this resurgence, and amid the COVID-19 pandemic, the vinyl market entered a second heyday.
Notably, the driving force behind this renewed interest in records appears to be the younger demographic. The proportion of individuals in their 20s and 30s, constituting 39.9 percent of all LP buyers on YES24 last year, increased to 43.3 percent as of November.
Although challenging to attribute this phenomenon solely to the MZ generation – millennials and Gen Zers – Kim Young-hyuk, CEO of Gimbap Records, notes that individuals in their 20s and 30s exhibit the greatest cultural interest, actively seeking out and purchasing vinyl.
Vinyl record player (Image courtesy of Pexels/CCL)
Differing opinions on LP consumption patterns emerge between the new and old generations. Today’s generation appears more inclined to express their identity and personality through the act of buying LPs, focusing on the latest releases rather than classic albums, according to Choi Kyu-sung, a popular music critic.
For some enthusiasts, LPs are transitioning into collectible items rather than merely a means to listen to music. Albums from popular artists, such as Blackpink and BTS member J-Hope, now come with photo cards, postcards, and posters, forming comprehensive gift sets.
The growing diversity in sizes, shapes, colors, and designs of LPs aligns with the visual preferences of the MZ generation. Examples include TWICE’s “Ready to Be” LP, which underwent color variations for its cover, inner sleeve, and album label, and Taylor Swift’s “Midnight,” released in five different colors. Additionally, to cater to the eco-conscious MZ generation, LPs made from 100 percent recycled materials have been developed.
Surprisingly, an increasing number of individuals are joining the vinyl collection trend without owning a turntable. In April, Luminate, a North American music market analyst, reported that half of all U.S. LP purchasers in the past year did not own a player.
In the United States, LP sales have experienced consistent growth for 16 consecutive years since 2006, generating $1.2 billion in sales last year, constituting 71 percent of all music sales. Notably, LP sales, totaling about 41.3 million units, surpassed CD sales (33.4 million units) for the first time since 1987.
While there are no official statistics on vinyl sales in Korea, the number of visitors to the Seoul Record Fair and the enthusiasm surrounding the event serve as indicative clues to the current state of the Korean vinyl industry. The market has witnessed significant growth since the mid-2010s, suggesting a robust and flourishing landscape for vinyl enthusiasts.
Ashley Song (ashley@koreabizwire.com)
