I got an email from Statistica about how the vinyl record is making a comeback, showing significant growth after a radical decline that bottomed out in 2006. The chart below is shows the total market revenue from 1997 to 2013, and by all indications, 2014 should follow the growth chart and top out between $250M to $300M. But actually, that's just an assumption on my part.
OK, so I see this chart and I start thinking about market opportunties and here you go ...
- I begin thinking of my 19 year old son, and how he loves vinyl, but he's into music - both playing and listening to - maybe he's not the only one
- I start thinking about selling vinyl - there's a record store in the "hip" part of town. Looks very run down, but the last time I was in there, they had several people there.
- Then I start thinking about how it must be expensive to bear the cost of inventory (because you have to thousands of vinyl albums for the varied music tastes that come in there)
- And this place sells "used" turn-tables
- And there is a bar a few doors down from them
OK, now we are really cooking with the internal brainstorming session within my head - no one else is involved - just me ...
- I just read that book about Collaborative Commons, and how our society is actually moving more collaboration rather than competition
- And how do Farmer's Markets work anyway - how could you apply that business model to a record store
- and wouldn't it be interesting if you could share expense (and potentially some revenue) that way also sharing the risk - also it would be a great way to get people involved ... go beyond the traditional Buyer/Seller relationship
- So what would that look like ...
Now we get to the meat of the situation ...
- What if you had a physical location
- With multiple "businesses" inside
- That supported the whole "ecosystem" of the vinyl buying experience
- That would include not only the vinyl, but also the equipment to enjoy it at home
- Some would have money to blow (upscale audiophile) and some wouldn't (used and trade market)
- And lots of the new bands are putting together vinyl, how about having live music - think more like the MTV Unplugged rather than full blown concert
- And what if you did that in conjunction with a local bar or radio show - maybe someone that blogs or podcasts
- In addition, how about they do their "set" (you record it) as a preview of a live show later in the day ... or what if you sold coffee, wine or beer in the store
- Oh and when I lived in Boulder, KBCO used to produce their own acoustic music in their "Studio B" and once a year, they would put out a limited edition album supporting some non profit
- The market would be broad, but really, those like my son (Millennials) would be the primary target
- What if you could extent the personal feel of the physical store online and create a community, not just locally, but also anywhere in the world
- Sell online, but also create a community of all those people out there that just love music and the reproduction of music
- Create both an online and offline experience ... bringing together social, videos, selling stuff, sampling music, sharing ideas, and generally discussing the topic
So, that's how my mind works. And how I have ideas that I will never pursue, but think they are pretty interesting. So, in this case, I'm throwing it out there - if you actually end up doing this - email me and let me know. And all that happened in about 15/20 minutes.
Think what I could do with your idea - why not email me and let's chat about it.