Tuned out: Revenue declines are expected to persist, as consumers continue to turn to online servicesAbstractMusical Instrument & Supplies Stores in the US
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. As a result, there is no longer as much added value in the industry’s face-to-face interaction and expertise.
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.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.