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    Musical Instrument Stores Industry Profile

    Report Page Length: 10-12
    Last Quarterly Update: 5/10/2021
    SIC Codes: 5736
    NAICS Codes: 451140
    Chapters Include:
    Industry Overview Trends & Challenges Industry Forecast
    Quarterly Industry Update Call Prep Questions Website & Media Links
    Business Challenges Financial Information Glossary & Acronyms
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    Excerpt from Musical Instrument Stores Industry Profile

    Companies in this industry sell new musical instruments, sheet music, and related supplies from physical retail locations; some also offer musical instrument repair, rental, and music instruction. Major companies include Guitar Center, Sam Ash Music, Numark, and Schmitt Music (all based in the US), as well as Shimamura Music and Yamano Music (both based in Japan), and Thomann (Germany).

    Key markets for musical instruments and audio equipment include the US, Western Europe, and China, according to data from Music Trades compiled by the National Association of Music Merchants. Rising middle-class populations are driving growth in emerging markets such as India.

    The US musical instrument stores industry includes about 3,500 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $4.5 billion.

    COMPETITIVE LANDSCAPE

    Consumer income and changes in musical tastes drive demand for musical instruments. The profitability of individual companies depends on effective merchandising. Large companies have economies of scale in purchasing and marketing. Small companies can compete effectively by specializing in personalized service or high-end instruments. The US industry is concentrated: the 20 largest companies account for about half of industry revenue.

    Online sales of musical instruments grew nearly 7% in 2019, far outpacing sales growth by brick-and-mortar retailers, which increased only 0.9%, according to data from Music Trades.

    PRODUCTS, OPERATIONS & TECHNOLOGY

    Major products include guitars, pianos, sound equipment, parts and accessories, and school music products, such as wind instruments. ...

     
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