On this date: " 1948 - For those of us who have a garage full of those 12-inch round, black disks protected by flimsy cardboard covers, this note: Columbia Records announced that it was offering a new Vinylite long-playing record that could hold 23 minutes of music on each side. One of the first LPs produced was of the original cast of the Broadway show, South Pacific. Critics quickly scoffed at the notion of LPs, since those heavy, breakable, 78 RPM, 10-inch disks with one song on each side, were selling at an all-time high. It didn’t take very long though, for the 33-1/3 RPM album -- and its 7-inch, 45 RPM cousin to revolutionize the music industry and the record buying habits of millions."
Yes, I had the album (and it cost $5.00). Gone are the days. Gone
This info come from a great site Those Were The Days. Go look.