Musical Instrument Retailers

Operators in the Musical Instrument Retailers industry sell musical instruments, audio recording equipment, amplifiers, keyboards and associated accessories. The musical education of children across the country plays a role in driving downstream demand for industry products, both through household purchases and educational funding forschools. State funding for Music Education Hubs since 2012 has supported demand over the past five years.However, a decline in the number of live venues has disincentivised professional musicians over the past decade.The COVID-19 (coronavirus) pandemic led to a higher rate of students and hobbyists taking up a musical instrument to fill their time in 2020-21, although the closure of bricks-and-mortar retail outlets meant industry operators were not able to fully benefit from the surge in demand. Over the five years through 2022-23, industry revenue is expected to decline at a compound annual rate of 2.7% to £432.5 million.