Yes, there continues to be innovation in vinyl, but not to the same extent and speed of digital. Vinyl has some real physical limitations, both in recording and playback arenas, digital much less. What does this mean for future?
I can only say as a boomer, vinyl was the dominant physical playback medium. From the time we were children we were exposed to record players and records, as budding audiophiles, turntables, cartridges held all our attention. We gathered great numbers of albums, albums easily available at department, drug, record, discount stores. Even allowing for inflation, albums were relatively cheap, we could use allowance or paper route money to purchase records. And I could go on and on. This was the golden age of audio to my mind, records dominated in so many ways. Today it is only niche, certainly there has been a renaissance, but this has been from near extinction levels. If I compare youth today to those of my time, vinyl is practically or totally non-existent for them. Between many, many youthful relatives and friends of theirs, the only youth I know involved with vinyl are DJ's, not a single one has turntable or home stereo system, most have or have had albums owned by parents in the home, all sold or cast off in garage or attic. I hear about this vinyl resurgence but don't see it with youthful masses, the only youth I observe becoming involved with vinyl are the budding audiophiles, relatively few and far between
I have fond memories of vinyl, lament the vast majority of today's youth won't have these experiences and memories of a particular music format. I love steaming, but these vinyl experiences and memories cannot be replicated by streaming for the youth of today.