Sony Music Entertainment announced this week that it will resume production of vinyl records. This will be the first time the company has pressed its own records since production ceased in 1989.
The resumed production is in response to a recent skyrocket in consumer demand from reminiscent older generations and young people inspired by club and festival culture. Last year, Sony and Panasonic produced record players to meet the newfound demand.
Consulting firm Deloitte projected 2017’s vinyl record sales could be as much as 18 percent of all physical music revenue, generating $5 billion. This year is projected to be the seventh year in a row the vinyl music industry has seen a double digit improvement in growth. Global revenue for the industry is projected to his $1 billion this year.
CNN Money reports Sony will begin producing records by March 2018 in a factory near Tokyo.
Due to the 30-year gap in production, Sony has a limited number of trained engineers in making its vinyl records. According to one of their spokeswomen, the company is bringing back former employees as advisers to guide younger employees.