The concept of "hi-fi" was really, in many ways, a product of the LP. Yes, there were certainly big consoles in the 78 era that incorporated a turntable and a radio and in some cases even a wire recorder or early tape recorder, and it must have been frustrating to have bought one of those for big $ right after the war, only to have the turntable instantly obsoleted...but it was really after the LP hit the market that the idea of "home hi-fi" became a big deal. "Audio" magazine began publication in 1947 (but was more of an engineering trade publication until shifting focus to consumers circa 1954), "High Fidelity" first published in 1951 and "Stereo Review" magazine (now "Sound & Vision" and the sole survivor of the three) dates to 1958.
The state of the art advanced so quickly through the 1950s that a serious hi-fi aficionado would have upgraded somewhere along the way no matter what. The real losers at the time, perhaps, might have been the people building homes during the concurrent suburban housing boom and installing very expensive built-ins. So much of that stuff (not just turntables but also TVs) went through such fast upgrade cycles that it must have stranded a lot of built-in gear. (Sort of like building a fancy house in 1997 and crafting a built-in to fit a state-of-the-art 32" CRT. I know people who did that and had cause to regret it badly within just a few years. And I'm sure someday I'll have cause to regret having designed a new family room in 2007 with just the right layout for a 55" flatscreen. I think I've built in a fair amount of flexibility, but technology will find a way to surprise me, no doubt.)
The state of the art advanced so quickly through the 1950s that a serious hi-fi aficionado would have upgraded somewhere along the way no matter what. The real losers at the time, perhaps, might have been the people building homes during the concurrent suburban housing boom and installing very expensive built-ins. So much of that stuff (not just turntables but also TVs) went through such fast upgrade cycles that it must have stranded a lot of built-in gear. (Sort of like building a fancy house in 1997 and crafting a built-in to fit a state-of-the-art 32" CRT. I know people who did that and had cause to regret it badly within just a few years. And I'm sure someday I'll have cause to regret having designed a new family room in 2007 with just the right layout for a 55" flatscreen. I think I've built in a fair amount of flexibility, but technology will find a way to surprise me, no doubt.)