In 1931, RCA Victor launched the first commercially available vinyl long-playing record, marketed as program-transcription discs. These revolutionary discs were designed for playback at 33 1⁄3 rpm and pressed on a 30 cm diameter flexible plastic disc, with a duration of about ten minutes playing time per side. RCA Victor's early introduction of a long-play disc was a commercial failure for several reasons including the lack of affordable, reliable consumer playback equipment and consumer wariness during the Great Depression. Because of financial hardships that plagued the recording industry during that period (and RCA's own parched revenues), Victor's long-playing records were discontinued by early 1933.