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Record Stores in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Record Stores Market Research Report | NAICS 45122 | Dec 2014

Facing the music: Online sales and shifting trends continue to siphon industry demand

IBISWorld’s Record Stores market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$2bn
Annual Growth 09-14
-5.7%
Annual Growth 14-19
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Profit
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Employment
19,482
Businesses
4,206
Industry Analysis & Industry Trends

Continued shifts in consumer preferences and competition from large discount and digital music retailers have dampened consumer demand for the Record Stores industry. With increased accessibility to high-speed internet, music streaming and less expensive CD-burning hardware, album sales have declined significantly over the past five years. While consumer sentiment is expected to improve in the next five years, this industry will fail to experience revenue growth. Consumers who are accustomed to digital music are not likely to return to making regular purchases at record stores... purchase to read more

Industry Report - Industry Analysis Chapter

The Record Stores industry is shrinking under pressure from inherently less expensive substitutes. Digital music continued to prove itself a viable alternative to prerecorded content over the past five years, causing many to switch to downloading and streaming options through internet services. Additionally, the increased prevalence of music in discount stores decreased people's willingness to shop at record stores. As such, industry revenue is expected to fall at an annualized rate of 5.7% over the five years to 2014, including a 2.3% decline in 2014 to $2.0 billion.

The industry has experienced revenue losses from 2008 onward as a result of decreased consumer spending during the recession, driving up price competition in a highly competitive industry... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Record Stores Industry?

Record stores primarily retail prerecorded audio and videotapes, compact discs (CDs), digital video discs (DVDs) and phonograph records. Online sales are excluded from this industry.

Industry Products
Compact Discs (CDs) and AudiotapesDigital Video Discs (DVDs)Vinyl
 
Industry Activities
Retailing prerecorded music Retailing prerecorded videos


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