Let's Talk Physical
Let's Talk Physical
Our Let’s Talk Physical event series provides vital updates on everything the physical business needs to stay ahead of the curve as physical music consumption continues to rise! Here you’ll find agenda and recording for our 2024 event, as well as other recordings of past LTP events.
Updated 10-28-24
2 –2:40 pm ET
COUNT THEM ALL: Ensuring Your Physical Sales Are Tallied & Accurately Reported
Since April of this year, physical sales from independent record stores have been collected and reported through a collaboration between Street Pulse and Luminate. Almost 400 stores currently report for inclusion in overall physical marketshare reports and existing Billboard charts, as well as newly created charts like the Indie Stores Album Sales Chart. Teams are working daily to maintain the database and create a set of best practices for labels and stores to follow when submitting sales data. During the event’s kick-off conversation, Luminate will discuss how labels can ensure that in-stores and special UPCs are counted, and StreetPulse will run through some POS system options for stores not yet uploading their sales weekly.
Luminate reports that vinyl sales are up 6.2% in the first half of 2024. (Due to the change in methodology, this number does not include independent record stores from 2023 or 2024.) An inaccurate news story circulated in the beginning of October reporting that sales were down by 33%. The source was comparing 2023 numbers under the old methodology and 2024 numbers under the new reporting system, making it look like a sales decline among vinyl for the first time in 17 years. Luminate, Billboard and outlets like Discogs have debunked the inaccuracy with Jeffrey Smith, Vice President of Marketing at Discogs saying, “Independent record stores remain the backbone of vinyl culture. We want to set the record straight: Vinyl is still in demand, indie stores are thriving, and the market is growing.” We’ll discuss this unfortunate occurrence, how it affects the music ecosystem, in the short- and long-term, and why it’s important to correct inaccurate reporting.
Speakers
2:40 — 3 pm ET
Retail’s Important Role in the Artist’s Release Ecosystem
While the convenience and accessibility of digital music has revolutionized the way fans consume songs, it’s the physical music sales that generate significant revenue for artists and create the profound connection between fans & their favorite musicians. As an industry we must practice transparent communication between partners in order to maintain the health of indie retail and ultimately a successful shopping experience for the music consumer. Over the coming months, the Physical Business Action Committee will be discussing the impact that D2C sales, vinyl color variants, continued packaging and shipping issues, and vinyl pricing has on the physical music business, particularly the growing physical indie retail sector. This panel will take a look at how the industry can work together to sustain physical product growth and minimize pressure points in these areas.
Moderator
Panelists
You can also access recordings of our past LTP events by clicking the links below: