There was something posted on Instagram that caught my eye and it related to the cost of buying new vinyl LPs. The poster was basically arguing that now that vinyl is re-established as a viable music format, the cost of purchasing albums in that format should be coming down. This is not a new line of thinking as I can remember similar comments being made about the price of CDs back in the day and nothing much changing.
I have a copy of Jazz Journal from 1956 and in the album review section not only the band members listed but also whether the release is an EP (remember those) or a twelve inch LP and how long each side of the release played. The review also lists the price that the music retailed at. The Modern Jazz Quartet released a 12in. LP (London LTZ-K 15022), which played for 18 min on each side at a cost of 37s. 6½d. This information is known but what does it mean to a modern day collector of vinyl?
The actual average earnings in April, 1955, the latest date for which figures are available, were £10 17s. 5d.HANSARD 1803–2005 21 February 1956 Commons Sitting NATIONAL FINANCE
With the cost of album being £1 17s. 6½d a record buyer in 1956 would be spending around 17% of their income, and that would be before rent, food, etc. had been paid for. National Service was still in place in 1956 and servicemen were paid £1 8s. a week but with all food, accommodation, uniform, and travel paid for – that MJQ album would have had to have been saved up for.
The above wage figures are for those working in the industrial sector. In 2019, the average weekly wage for a worker in the same sector is £607 before tax, around £486 after tax. The MJQ album referred to above is available on vinyl today at £16 or 3.3% of income before other costs are taken in to account. So is the cost of vinyl today really too high and if so is that the fault of the record label or the artist?
All of us who like to own music would like to pay less for it and you can if you are prepared to download. However, MP3 as a format does not give you the tactility or artwork of the physical format of CD or vinyl. If you are going to”own” an MP3 library – when did you ever hear anyone offer to let you browse their digital library – you might as well stream and kill off the music industry altogether: see my post To stream or not to stream?