January 20th, 2023, Lesley Simeon
British music retailer, HMV, has reported an increase in revenue and return to profit in 2022. With sales reported at £150.79 million and pre-tax profits jumping to £1.97 million from £240,000 in 2021, this is the first time the retailer has returned to profit since being bought out of administration in 2019 by Canadian record store chain, Sunrise Records and Entertainment.
Under its new owner, HMV chose to focus on vinyl - But do Britons favor vinyl records when listening to music?
According to YouGov Profiles - which covers demographic, psychographic, attitudinal and behavioral consumer metrics - over the last 30 days, 14% of the general Great Britain (GB) population have streamed music through paid subscriptions. CD albums (7%) and tickets to gigs and concerts (4%) make up the top three formats in which Britons have purchased music in the last 30 days.
Vinyl albums rank fourth at 4%, while 3% of Britons have purchased vinyl singles in the past 30 days.
Data from YouGov BrandIndex - which tracks consumer sentiment towards thousands of brands daily - shows that HMV’s Current Customer and Value scores have dipped since Sunrise Records took over from 4 February 2019 onwards.
HMV’s Current Customer scores, on the other hand, dropped from 7% on 4 February 2019 to 4% on 17 January 2023. Similarly, the Consideration score - which indicates how many consumers are considering purchasing from the brand, when next in market - dipped by two percentage points through the same period.
The company’s Value score - which measures whether the brand represents poor or good value for customers’ money - has remained mostly unchanged since Sunrise Records took over HMV.
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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for Great Britain is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.
YouGov BrandIndex collects data on thousands of brands every day. HMV’s Value score is based on the question: Which of the following retailers do you think represents a good value/poor value for money? and delivered as a net score. Its Current Customer score is based on the question: Have you purchased goods from any of the following retailers in the past 3 months? and delivered as a percentage. Its Consideration score is based on the question: When you are in the market next to purchase goods from a retailer, from which of the following would you consider purchasing? and delivered as a percentage. Scores are based on an average daily sample size of 4446 GB adults between 1 January 2019 and 16 January 2023. Figures are based on a 8-week moving average. Learn more about BrandIndex.
Photo by Rajas Chitnis on Unsplash