There’s been talk these days about the apparent death of the electric guitar, leaving lots of folks worried about the state of the MI market. But, the truth is, it isn’t all doom and gloom. In fact, things are looking quite positive.
Businesswire recently reported that according to Technavio, the global musical instruments market is expected to register growth of approximately 3% during the period 2018-2022. What do they attribute this to? It’s the increasing popularity of attending live music events. We all knew concerts were special, and yes, the pendulum is swinging in the direction of people getting off their couches and experiencing live music.
In addition, as disposable income has increased, the trend of purchasing musical instruments online continues to grow. How does this benefit you? Here are a few tips on you can capitalize on the growing MI market!
Tap into musical trends.
You’ve probably heard the chatter that acoustic guitar sales are up, thanks to artists like Ed Sheeran who have grabbed the public ear. Check out the Billboard Heatseekers and Emerging Artists charts. See what kind of instruments and equipment those bands are playing. Take a look at the local music scene and talk to fans. You’ll want to be ahead of new trends, not trailing behind. Don’t just wait for customers to come to you. Get into the scene and put your finger on the pulse!
Get educated.
It’s been no secret that music education is great for the brain and benefits students in many areas outside of music. One study indicated that students who had experience with music performance scored 63 and 44 points higher on the verbal and math sections of the SAT, respectively.
In 2017, new arts standards defined by the National Core were adopted by 14 states […]
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