Tuned out: Revenue declines are expected to persist, as consumers continue to turn to online services

The Musical Instrument and Supplies Stores industry has been out of tune over the five years to 2017. Despite increasing consumer confidence and per capita disposable income amid recent economic growth, the industry's revenue declined. Decreasing time spent on leisure and sports, as well as increased digitalization has led consumers to shift away from industry products and services. The industry's outlook is anticipated to follow in-line with the current period, with recent declines anticipated to continue. Industry revenue is likely going to decline as consumers continue to use online services, such as purchasing sheet music and utilizing online musical courses, over industry services. As digitization increases, these online resources are becoming more technical and useful...read more.

Industry Statistics & Market Size
Revenue
$4bn
Annual Growth 12-17
-2.4%
Forecast Growth 17-22
Profit
Employment
32,987
Businesses
10,147
Market Share of Companies
What Our Customers Say

Industry Threats & Opportunities

  • Decreasing time spent on leisure and sports has led consumers away from industry products
  • Industry operators have been pressured to lower prices to remain competitive
  • Large discount retailers, like Walmart and Target, emerged as leading musical instrument retailers
  • Industry Report - Industry Products Chapter

    Violins, drums, guitars and other instrumentsMusical instruments, except pianos and organs, and other equipment this industry sells are estimated to account for 49.5% of total industry sales. This segment includes string instruments like violins and guitars, horns, drums, synthesizers, sound reinforcements and musical instrument digital interface equipment. Rising imports of low-cost Chinese goods have enabled retailers to offer entry-level acoustic guitars and electric guitars at a lower price point. While this change has opened up the instrument market to ordinary households in addition to musicians, it has also brought about greater competition from mass merchandisers such as Walmart and Best Buy. Thi...purchase to read more.

    Additional Insights for the Musical Instrument & Supplies Stores Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Musical Instrument & Supplies Stores Industry are

  • Attractive product presentation
  • Experienced work force
  • Ability to control stock on hand
  • IBISWorld analysts also discuss how external factors such as Per capita disposable income and Percentage of services conducted online in the Musical Instrument & Supplies Stores industry impact industry performance..

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    What is the Musical Instrument & Supplies Stores Industry?

    This industry retails an extensive selection of musical instruments, sheet music and related supplies, such as microphones, amplifiers and audio systems. These products are usually sold directly to end consumers. Many industry operators also repair and rent these products and provide music instruction.

    Industry Products
  • Pianos and organs
  • Violins, drums, guitars and other instrument purchases and rentals
  • Audio equipment, components, parts and accessories
  • Sheet music
  • Other goods (includes, tapes, CDs and audiobooks)
  • Industry Activities
  • Retailing musical instruments
  • Retailing musical supplies
  • Retailing sheet music
  • Repairing musical instruments and supplies
  • Providing private music lessons and instruction
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Per capita disposable income
  • Percentage of services conducted online
  • External competition for Musical Instrument and Supplies Stores
  • Number of adolescents aged 10 to 19
  • Time spent on leisure and sports

  • Current Performance
  • Fluctuating demand
  • Tough competition
  • Consumer trends
  • Chart: Revenue Growth

  • Industry Outlook
  • Increasing demand but continuing competition
  • Specialty shops
  • Table: Musical Instrument & Supplies Stores Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Musical Instrument & Supplies Stores Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Audio Production Studios
  • Community Colleges
  • Musical Groups & Artists
  • Performers & Creative Artists
  • Public Schools
  • Private Schools
  • Colleges & Universities
  • For-Profit Universities
  • Consumers

  • Key Selling Industries
  • Audio & Video Equipment Manufacturing
  • Major Label Music Production
  • Miscellaneous Product Manufacturing
  • Music Publishing

  • Products & Services
  • Violins, drums, guitars and other instrument purchases and rentals
  • Sheet music
  • Pianos and organs
  • Audio equipment, components, parts and accessories
  • Other goods (includes, tapes, CDs and audiobooks)
  • Chart: Musical Instrument & Supplies Stores Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Students and instructors
  • Hobbyists
  • Professionals
  • Other
  • Chart: Major Market Segmentation for the Musical Instrument & Supplies Stores Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Musical Instrument & Supplies Stores

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Musical Instrument & Supplies Stores Industry

  • Industry Globalization
    Guitar Center Inc.
  • Table: Guitar Center Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Musical Instrument & Supplies Stores Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Musical Instrument & Supplies Stores Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Time spent on leisure and sports (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    E-Commerce
  • The buying and selling of products or services over electronic systems, such as the internet and other computer networks.
  • Sheet Music
  • A musical composition in printed or written form, which is normally in the form of unbound leaves.
  • Sound Reinforcement Systems
  • An electronic means for augmenting sound output of a speaker, singer or musical instruments. It includes equipment like microphones, amplifiers and loudspeakers.
  • Tablature
  • An introductory form of music notation that describes a song based on note fingering positions rather than musical pitches.
  • Why buy this report?

    The Musical Instrument & Supplies Stores industry market report contains data and analysis of the most influential current and future trends shaping the industry. IBISWorld’s in-depth industry market research is presented in a logical, user-friendly format, and provides growth and profit forecasts for a five-year outlook period.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Musical Instrument & Supplies Stores:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Musical Instrument & Supplies Stores market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Musical Instrument & Supplies Stores, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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