www.musictrades.com
DECEMBER 2016
THE GLOBAL ISSUE THE MARKETS Sales & Demographic Data On 43 Top Markets
+
THE RANKINGS The World’s Top 225 Suppliers Ranked By Revenue
An Up-Close Look At The Fast-Growing Chinese Market P. 50
THE PLAYERS Profiles Of Companies That Are Driving Industry Progress
New Rosewood Restrictions Challenge Guitar Industry P. 24
Samsung Acquires Harman For $8 Billion P. 36
GLOBAL MARKETS MUSIC PRODUCTS SALES AROUND THE WORLD
VOLATILE CURRENCIES ROIL GLOBAL MARKETS The strength of the U.S. dollar dramatically amplified sales declines in developing nations. Factor out the currency, and 2015 closely tracked the previous year. Herewith, a marketbymarket analysis of the music products industry.
S
luggish economic growth, political upheaval, and plummeting oil prices made 2015 a tumultuous year for the music products industry. Estimated retail sales dipped 3.0% to $16.2 bil lion for the year compared with $16.7 billion in 2014. But the global decline obscured dramatic market swings from country to country, with pre cipitous drops in Brazil, Russia, and Venezuela dragging down the average. Some of the declines could be chalked up to demographics and cultural preferences, but most reflected government stabili ty, or lack thereof, a difficult business climate, and little economic stability. In the following pages, we quantify the retail value of music products sales—musical instru ments of all types, audio and recording products, and related accessories—in 43 countries on five continents representing about 70% of the world’s MUSIC TRADES December 2016
population. The estimates of music products sales are accompanied by economic and demographic data compiled by various U.S. government agen cies. Specifically, we include Gross National Product (GNP), a measure of total economic out put, and GNPpercapita, a good indicator of pros perity levels and industry sales potential. Median age is included because music products sales bene fit from a population that slants younger. Headlines of Middle East strife and terrorism, not to mention rantings of the political season, present a grim picture of the world. Yet 2015 was a decent, if not outstanding year for the music products industry worldwide. The actual decline in revenue was more a factor of currency fluctuations than of softening demand. Of the 43 nations tracked, we estimate that 13 posted actual revenue declines, 13 saw gains, and the remaining 17 were essentially flat. The fact that the countries tracked do business
GLOBAL MUSIC PRODUCTS SALES BY REGION EUROPE
$3.68 22.8% Market Share
ASIA
$3.76 23.4% Market Share
NORTH AMERICA
$7.73
48% Market Share
AUSTRALIA
$.36
SOUTH AMERICA
$.58
2.3% Market Share
3.6% Market Share All values are in billions of U.S. dollars and represent estimates of the retail value of music products sales
BEST PERFORMING MARKETS IN 2015 2015 Market Rank
India China Malaysia Ireland Hong Kong
16 2 37 39 14
Median Age
27.6 37.1 28.2 36.4 44.0
MUSIC PRODUCTS SALES WORLDWIDE
2015 Music Sales
% Change Over 2014
Music Sales Per Capita
$125.0 $1,500.0 $36.9 $30.0 $143.0
14.7% 8.5% 5.1% 4.5% 2.1%
$0.10 $1.09 $1.21 $6.06 $19.95
(millions $)
(Figures in billions of U.S. Dollars)
$18.2 $18.2 $17.5 $15.8
$16.3
$16.7 $16.9
$16.6 $16.2
$15.1
WORST PERFORMING MARKETS IN 2015 2015 Market Rank
Brazil Russia Japan Greece Czech Republic
11 20 3 43 36
MARKET SIZE
Median Age
31.6 39.3 46.9 44.2 41.7
HIGHEST
United States $7,100.00 China $1,500.00 Japan $1,200.00 Germany $950.00
United States Canada Hong Kong Australia
SMALLEST
LOWEST
$11.50 $12.00 $14.80 $29.50
% Change Over 2014
Music Sales Per Capita
$190.0 $88.0 $1,200.0 $11.5 $38.0
-34.3% -29.6% -18.6% -17.9% -15.6%
$0.92 $0.62 $9.47 $1.07 $3.57
(millions $)
PER CAPITA SALES
BIGGEST
Greece Venezuela Portugal Peru
2015 Music Sales
India Indonesia Venezuela Russia
(millions $)
$21.61 $20.64 $19.95 $15.79
MEDIAN AGE OLDEST
Japan Germany Italy Greece
(millions $)
YOUNGEST
$0.09 $0.15 $0.39 $0.62
Philippines Peru India Mexico
46.9 46.8 45.1 44.2
23.4 27.1 27.6 28.0
06 07 08 09 10 11 12 13 14 15
MUSIC TRADES
December 2016
GLOBAL MARKETS MUSIC PRODUCTS SALES AROUND THE WORLD posted a collective 6.7% decline in year in 32 discrete currencies, (11 rely on the overyear revenues. Factor out the euro) skews the numbers. appreciation of the dollar, and the Here’s why. We convert results from decline was closer to 1.0%. local currencies into U.S. dollars to Furthermore, most of the problems were facilitate countrybycountry compar concentrated in a handful of isons. While practical, this nations. method is not without short Using the U.S. The most significant mar comings. A currency, whether it’s the U.S. dollar, Dollar to gauge the ket swings took place in the “BRIC Nations,” shorthand the Japanese yen, or the size of other for the once fastgrowing euro, is something of a economies is like of Brazil, yardstick for measuring measuring with an economies Russia, India, and China. economic activity. enlarged yardstick: The phrase has since fallen Unfortunately, unlike the out of use, given the dire yardstick, which maintains it makes everyfixed dimensions, curren thing look smaller. economic setbacks in Russia and Brazil. cies are in a constant state However, the four BRIC nation, encap of flux. In the 12 months between sulate both the high and low points for December 31, 2014 and December 31, the global music products industry in 2015, the U.S. dollar appreciated in 2015. India and China, the world’s two value against every other currency in most populous countries, topped the the world. Thus, using it to gauge the sales growth charts. At the other end of size of other economies is bit like meas the spectrum, Russia and Brazil saw sig uring with an enlarged yardstick: it nificant contractions. makes everything look smaller. The Buoyed by an improved economy, a countries excluding the United States
MUSIC TRADES December 2016
growing middle class, and a strength ened distribution network, music prod ucts sales in India posted the biggest gains, advancing 14.7% to $125 million. Despite the gain, India remains a small market, ranked number 16, just ahead of tiny Switzerland with its population of 8.1 million. Percapita spending on music products in India is $0.10, a frac tion of the global average of $3.29. However, the population of 1.2 billion represents tremendous untapped poten tial. In addition, India, unlike most developed nations, doesn’t have a sur plus inventory of used gear competing with new product for sales. The secondbest growth rate was achieved in China, where 2015 music products sales advanced 8.5% to $1.5 billion in 2015. The growth was prima rily the result of surging piano sales. The piano as a symbol of household sta tus has faded in the West, but remains strong in China. This helps explain why, at approximately 300,000 units, the Chinese piano market is over twice as large as all other piano markets com bined. Music has long had an uneasy relation ship with the China’s ruling Communist party. In the 1950s and ’60s, the Party prohibited Western classical music, declaring it “Imperialist.” Jazz was also banned because it promoted “moral decay and decline” associated with the capitalist West. Rock ’n’ roll was simi larly outlawed. The ban on classical music was reversed in the 1980s, which led to the opening of many firstclass conservatories, later paving the way for the burgeoning piano market. More recently, as evidenced by favorable news stories on DJs and rock bands, the Communist party has adopted a more tolerant stance towards contemporary music styles. This should bode well for the sale of other music products going forward. The market travails of Brazil and Russia, down 34% and 29.6% respec tively, stand in stark contrast to the growth of China and India. Although separated by continents and culture, Brazil and Russia have one thing in common: a heavy dependence on oil. The fall in price from $100 to $50 a bar rel sent both countries’ economies on a steep downward trajectory. A lack of
GLOBAL MARKETS MUSIC PRODUCTS SALES AROUND THE WORLD age 12 to 30 population, the industry’s confidence in both governments exacer prime customer base, is trending down. bated the situation leading to a precipi In poorer countries, the opposite is the tous drop in the currency value—Brazil case. Germany’s economic output per because of rampant corruption and capita tops $46,000, but the median age Russia because of an authoritarian at the is 46.8 years old. By contrast, in the helm. The unhappy result was fewer Philippines, where economic output discretionary dollars to spend, coupled percapita is a paltry $2,850, with major price increases, the median age is a youthful often topping 100% on all 23.4 years old. Thus, the imported products. Not We’ve been best case for future industry exactly an optimal situation warned about growth is improving for selling guitars, pianos, overpopulation, economies in developing and other music products. but what about For decades there have when the popula- countries. Nearly all of the countries been scholars, pundits, and surveyed in this report face politicians warning about tion shrinks? two headwinds: a growing the dangers of overpopula supply of used instruments and technol tion. What has gotten little or no atten ogydriven price deflation. Used gear tion are the problems caused when the has been a major factor in the market at population actually shrinks. The state of least as long as there has trade in the Japanese economy offers some Stradivarius violins. However, abundant insights. In 2015, the Island nation’s supplies of serviceable products and the population actually decreased 0.2%. For rise of digital marketplaces for selling the music products industry, a declining them have made the “used” category population necessarily means an aging bigger than ever. To cite just one exam population and a diminished customer ple, in the past 25 years, over 50 million base. In Japan, these trends have been new guitars have been sold in Europe, reflected by a significant decline in Japan, and North America. How many of music products sales, off 18% in 2015. them are currently being offered for Low birth rates indicate that much of resale is anyone’s guess, but it’s safe to Europe unfortunately is following the say they compete heavily with new same trend line. instruments for the consumer’s dollar. A In rich countries with ample economic similar scenario plays out in most other resources, almost without exception, the
MUSIC TRADES December 2016
product categories as well. The astounding technological break throughs that have compressed the price of smartphones, laptops, and flat panel televisions have had a similar impact on all music and audio products that include a microchip. Thanks to this progress, synthesizers that 20 years ago sold for $3,000 are now being reissued for $300. Consumers win big, but for manufacturers and retailers, gains in unit volume are rarely sufficient to off set the lower selling price. The market estimates in this report are based on data compiled by the World Trade Organization. Over the past five decades, WTO technocrats have imple mented a standardized numeric code for every conceivable product, from air planes to xray machines. As companies have been required to include these codes with all their export paperwork, a remarkably detailed picture of world trade has emerged. There are about 20 countries in the world that produce music products in significant volumes. These include the usual suspects: China, Japan, Taiwan, Korea, Vietnam, the U.S., and most of the European Union. Using WTO data to track the volume and destination of their exports makes it possible to pre cisely quantify the size of music prod ucts markets in countries around the world from Albania to Zambia. This data allows for the quantification of dif ferent markets while offering valuable insights into just how complex and inte grated the industry has become. At $16.2 billion, the music products industry is barely a rounding error in the scheme of the global economy. It’s the equivalent of about a day of oil produc tion (even at the current depressed price), ten days of smart phone sales, and half the global market for dispos able diapers. Yet despite its diminutive scale, it is fully globalized. Electronic keyboards from Japan find their way to Suriname, Americanmade guitars are sold in Lebanon, and the industry’s top brands can be found in most of the world’s 195 countries. The reach reflects both the ingenuity and determi nation of manufacturers to seek busi ness, and the irrepressible desire to make music. Both of which should be reassuring.
GLOBAL MARKETS MUSIC PRODUCTS SALES AROUND THE WORLD
ARGENTINA
$60,200,000 2015 Music Products Sales
0.7% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$1.49
0.4%
29
Music Sales Per Capita
Share Of Global Market
Global Market Rank
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
43,886,748
$515.6
$11,748
0.5%
31.5
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
22,992,654
$1,075
$46,754
2.2%
38.6
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
8,711,770
$374.5
$42,987
1.4%
43.8
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
11,409,077
$454.7
$39,854
1.5%
41.4
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
205,823,665
$1,773
$8,614
2.8%
31.6
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
35,362,905
$1,552
$43,887
2.0%
42.0
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
17,650,114
$240.0
$13,608
2.1%
34.0
AUSTRALIA
$363,000,000 2015 Music Products Sales
-2.4% % Change Over 2014
$15.79 2.3%
8
AUSTRIA
$78,000,000 2015 Music Products Sales
-11.4% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$8.95
0.5%
22
Music Sales Per Capita
Share Of Global Market
Global Market Rank
BELGIUM
$140,000,000 2015 Music Products Sales
-7.3% % Change Over 2014
$12.27 0.9%
15
BRAZIL
$190,500,000 2015 Music Products Sales
-34.4% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$0.92
1.2%
11
Music Sales Per Capita
Share Of Global Market
Global Market Rank
CANADA
$730,500,000 2015 Music Products Sales
-1.1% % Change Over 2014
$20.64 4.5%
5
CHILE
$56,200,000 2015 Music Products Sales
-1.7% % Change Over 2014
68
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$3.18
0.3%
32
MUSIC TRADES December 2016
GLOBAL MARKETS MUSIC PRODUCTS SALES AROUND THE WORLD
CHINA
$1,500,000,000 2015 Music Products Sales
8.5% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$1.09
9.3%
2
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$0.71
0.2%
38
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$3.57
0.2%
36
Music Sales Per Capita
Share Of Global Market
Global Market Rank
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
1,373,541,278
$10,980
$7,993
9.8%
37.1
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
47,220,856
$293.2
$6,209
2.9%
29.6
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
10,644,842
$332.5
$31,235
1.8%
41.7
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
5,593,785
$258.7
$46,247
2.0%
42
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
5,498,211
$225.0
$40,992
2.0%
42.4
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
66,836,154
$2,422
$36,237
0.5%
41.2
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
80,722,792
$3,358
$41,599
1.8%
46.8
COLOMBIA
$33,500,000 2015 Music Products Sales
-13.0% % Change Over 2014
CZECH REPUBLIC
$38,000,000 2015 Music Products Sales
-15.5% % Change Over 2014
DENMARK
$72,000,000 2015 Music Products Sales
-7.7% % Change Over 2014
$12.87 0.4%
25
FINLAND
$70,000,000 2015 Music Products Sales
-6.7% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
$12.73 0.4%
Global Market Rank
27
FRANCE
$685,000,000 2015 Music Products Sales
-7.9% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
$10.26 4.3%
Global Market Rank
6
GERMANY
$950,000,000 2015 Music Products Sales
-5.5% % Change Over 2014
70
Music Sales Per Capita
Share Of Global Market
$11.77 5.9%
MUSIC TRADES December 2016
Global Market Rank
4
GLOBAL MARKETS MUSIC PRODUCTS SALES AROUND THE WORLD
GREECE
$11,500,000 2015 Music Products Sales
-17.9% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$1.07
0.1%
43
Music Sales Per Capita
Share Of Global Market
Global Market Rank
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
10,773,253
$195.0
$18,128
-1.1%
44.2
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
7,167,403
$309.0
$43,111
3.5%
44.0
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
1,266,883,598
$2,091
$1,650
4.4%
27.6
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
258,316,051
$859.0
$3,325
4.1%
29.9
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
4,952,473
$238.0
$48,157
3.8%
36.4
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
8,174,527
$296.0
$33,201
2.2%
29.7
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
62,007,540
$1,816
$29,286
0.9%
45.1
HONG KONG
$143,000,000 2015 Music Products Sales
2.1% % Change Over 2014
$19.95 0.9%
14
INDIA
$125,000,000 2015 Music Products Sales
14.7% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$0.1
0.8%
16
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$0.15
0.2%
35
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$6.06
0.2%
39
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$6.48
0.3%
33
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$5.73
2.2%
9
INDONESIA
$39,000,000 2015 Music Products Sales
13.3% % Change Over 2014
IRELAND
$30,000,000 2015 Music Products Sales
4.5% % Change Over 2014
ISRAEL
$53,000,000 2015 Music Products Sales
1.0% % Change Over 2014
ITALY
$355,000,000 2015 Music Products Sales
-8.7% % Change Over 2014
72
MUSIC TRADES December 2016
GLOBAL MARKETS MUSIC PRODUCTS SALES AROUND THE WORLD
JAPAN
$1,200,000,000 2015 Music Products Sales
-18.6% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$9.47
7.4%
3
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$5.54
1.7%
10
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$1.21
0.2%
37
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$1.52
1.2%
12
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$9.99
0.4%
13
Music Sales Per Capita
Share Of Global Market
Global Market Rank
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
126,702,133
$4,123
$32,540
0.0%
46.9
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
50,924,172
$1,377
$27,040
3.2%
41.2
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
30,449,962
$296.0
$9,727
3.1%
28.2
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
123,166,749
$1,144
$9,288
3.3%
28.0
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
17,067,967
$738.0
$43,397
1.0%
42.5
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
5,265,158
$389.5
$73,967
2.2%
39.1
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
30,741,062
$192.2
$6,252
2.0%
27.1
KOREA
$282,000,000 2015 Music Products Sales
-5.7% % Change Over 2014
MALAYSIA
$36,000,000 2015 Music Products Sales
5.1% % Change Over 2014
MEXICO
$187,000,000 2015 Music Products Sales
-2.6% % Change Over 2014
NETHERLANDS
$170,000,000 2015 Music Products Sales
-5.0% % Change Over 2014
NORWAY
$70,800,000 2015 Music Products Sales
-5.3% % Change Over 2014
$13.45 0.4%
26
PERU
$29,500,000 2015 Music Products Sales
-1.7% % Change Over 2014
74
Music Sales Per Capita
Share Of Global Market
$0.96 0.18%
MUSIC TRADES December 2016
Global Market Rank
40
GLOBAL MARKETS MUSIC PRODUCTS SALES AROUND THE WORLD
PHILIPPINES
$76,000,000 2015 Music Products Sales
1.3% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$0.74
0.5%
23
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$1.30
0.3%
34
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$1.37
0.1%
41
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$0.62
0.5%
20
Music Sales Per Capita
Share Of Global Market
Global Market Rank
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
102,624,209
$292.0
$2,845
2.9%
23.4
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
38,523,261
$474.0
$12,217
2.9%
40.3
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
10,833,816
$199.5
$18,414
0.5%
41.8
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
142,355,415
$1,325
$9,307
-0.1%
39.3
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
5,781,728
$292.5
$50,591
3.0%
34.3
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
48,563,476
$1,200
$24,709
0.0%
42.3
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
9,880,604
$492.0
$49,845
1.9%
41.2
POLAND
$50,000,000 2015 Music Products Sales
-9.7% % Change Over 2014
PORTUGAL
$14,800,000 2015 Music Products Sales
-12.4% % Change Over 2014
RUSSIA
$88,000,000 2015 Music Products Sales
-29.6% % Change Over 2014
SINGAPORE
$59,000,000 2015 Music Products Sales
-3.3% % Change Over 2014
$10.20 0.4%
35
SPAIN
$93,500,000 2015 Music Products Sales
-7.1% % Change Over 2014
Music Sales Per Capita
Share Of Global arket
Global Market Rank
$1.82
0.6%
19
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$8.3
0.5%
21
SWEDEN
$82,000,000 2015 Music Products Sales
-10.9% % Change Over 2014
MUSIC TRADES December 2016
GLOBAL MARKETS MUSIC PRODUCTS SALES AROUND THE WORLD
SWITZERLAND
$115,000,000 2015 Music Products Sales
-12.2% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
$14.08 0.7%
Global Market Rank
17
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
8,179,294
$664.0
$81,124
1.9%
42.2
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
23,464,787
$523.0
$22,314
3.0%
40.2
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
68,200,824
$395.0
$5,796
2.9%
37.2
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
80,274,604
$733.0
$9,134
2.2%
30.5
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
5,927,484
$345.0
$58,287
1.9%
30.3
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
64,430,428
$2,849
$44,218
1.9%
40.5
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
323,995,528
$17,950
$55,402
2.0%
37.6
TAIWAN
$98,000,000 2015 Music Products Sales
-8.4% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$4.18
0.6%
18
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$1.07
0.6%
24
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$0.87
0.4%
28
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$7.99
0.4%
30
Music Sales Per Capita
Share Of Global Market
Global Market Rank
$7.00
3.2%
7
Music Sales Per Capita
Share Of Global Market
Global Market Rank
THAILAND
$73,000,000 2015 Music Products Sales
-5.2% % Change Over 2014
TURKEY
$70,000,000 2015 Music Products Sales
-2.8% % Change Over 2014
UNITED ARAB EMIRATES
$65,000,000 2015 Music Products Sales
0.0% % Change Over 2014
UNITED KINGDOM
$515,000,000 2015 Music Products Sales
-5.3% % Change Over 2014
UNITED STATES
$7,100,000,000 2015 Music Products Sales
0.8% % Change Over 2014
$21.61 43.4%
MUSIC TRADES December 2016
1
GLOBAL MARKETS MUSIC PRODUCTS SALES AROUND THE WORLD
VENEZUELA
$12,000,000 2015 Music Products Sales
0.0% % Change Over 2014
Music Sales Per Capita
Share Of Global Market
$0.39 0.08%
Global Market Rank
42
2015 Population
GNP (in billions)
GNP Per Capita
Ten-Year Growth Rate
Median Age
30,912,000
$239.0
$7,760
-1.0%
28.0
METHODOLOGY 2015 population figures, GNP data, growth rates, and demographic data are from the CIA Factbook, an annual compila tion of global data, and the United Nations’ “Global Database.” Music products sales estimates are derived from a vari ety of sources. Using World Trade Organization (WTO) data, flows of products from the major producing countries— China, Japan, Korea, Taiwan, Indonesia, the United States, and the nations of the European Union—are traced to 98 countries around the world. Distribution and retailer margins are added to the landed value to arrive at an estimate of total retail sales. This data is augmented by sales compilations prepared by industry associations around the world. Sales estimates are for the 12month period ended December 31, 2015, and are translated into U.S. dollars at the exchange rate of that date.
80
MUSIC TRADES December 2016
GLOBAL TOP 225 SUPPLIERS
THE GLOBAL INDUSTRY’S TOP PLAYERS RANKED
225 companies from 26 countries and 5 continents harbor a deep reservoir of skill and knowledge, all required to serve the needs of music makers worldwide
A
lthough music is the universal language, it is expressed differently from one region to the next, and supplying the world’s music makers with the appropriate tools requires an extraordinary level of international cooperation. We’re not referring to the kind of “cooperation” dictated by treaties or United Nations decrees, but rather the spontaneous kind that arises between companies striving to satisfy demanding consumers. In the music industry, this cooperation has evolved into an complex network, showcased in the Global rankings in the fol lowing pages. The roster includes 225 music products compa nies based in 26 countries on five continents. With few excep tions, the enterprises on the list are fully global, with their sur vival dependent on crossborder relationships. The roster includes manufacturers, distributors, publishers, and hybrids: companies combine manufacturing, distribution, and/or retailing, under one roof. In total, the group racked up revenues of $20.8 billion, and employed 114,000. The one thing that unifies this diverse group is its dependence on glob al trade. “One World Government,” free from border squab bles, war, and strife has been the aspiration of utopians for going on two centuries. Nation states are still firmly in place, MUSIC TRADES December 2016
but the Global 225 have already evolved into a “transnation al” group, with people and hard assets dispersed throughout the globe. We assign a “country of origin” to each company on the list, but the designation primarily indicates where the CEO keeps his desk. Based on a rough estimate, 75% of the Global 225 have productive assets outside of their home country, and 40% derive the majority of their revenue from foreign markets. The globalization of the industry has been fostered by dra matic improvements in logistics. The ability to rapidly move large volumes of merchandise at low cost has made export and import from faraway lands practical. Thus, distributors import goods from all over, and companies with proprietary brands source production in numerous locations. This globalization has also had a profound impact on corporate structure. Two decades ago, most of the manufacturers on the list boasted of vertical integration. The prevailing wisdom was that produc ing as much as possible at wholly owned factories yielded bet ter quality and improved efficiency. Today, a growing number of companies are dispensing with their own factories and farming out production to contract manufacturers. The new reasoning is that contract manufacturers, by focusing entirely
WHERE TO FIND THEM Number of Companies
ARGENTINA AUSTRALIA AUSTRIA BELGIUM BRAZIL CANADA CHILE CHINA FRANCE GERMANY HONG KONG INDIA ISRAEL ITALY JAPAN MEXICO NETHERLANDS NORWAY PHILIPPINES POLAND RUSSIA KOREA SPAIN SWEDEN SWITZERLAND TAIWAN THAILAND U.K. U.S.
2 3 1 1 4 7 1 23 3 18 4 1 2 8 26 1 1 1 1 1 3 7 3 3 1 7 1 8 83
% Share Of Sales
$71,500,000 $60,800,000 $16,800,000 $35,600,000 $146,600,000 $672,304,115 $30,000,000 $1,383,089,925 $248,590,000 $1,369,869,327 $820,070,000 $12,421,000 $42,915,000 $163,799,819 $6,749,699,000 $35,000,000 $10,000,000 $11,400,000 $33,200,000 $10,500,000 $42,300,000 $473,455,000 $31,500,000 $202,000,000 $77,000,000 $515,180,888 $15,300,000 $188,500,725 $7,514,251,281
Global Sales
0.34% 0.29% 0.08% 0.17% 0.70% 3.20% 0.14% 6.59% 1.18% 6.53% 3.91% 0.06% 0.20% 0.78% 32.17% 0.17% 0.05% 0.05% 0.16% 0.05% 0.20% 2.26% 0.15% 0.96% 0.37% 2.46% 0.07% 0.90% 35.81%
AGGREGATE TOP 225 REVENUES (figures in billions of dollars)
Share Of Employees Employment
130 0.11% 131 0.11% 200 0.18% 130 0.11% 776 0.68% 1,672 1.46% 110 0.10% 24,943 21.84% 1,520 1.33% 5,644 4.94% 7,600 6.65% 145 0.13% 155 0.14% 785 0.69% 27,500 24.07% 135 0.12% 57 0.05% 25 0.02% 280 0.25% 35 0.03% 405 0.35% 8,733 7.65% 181 0.16% 511 0.45% 288 0.25% 4,430 3.88% 175 0.15% 652 0.57% 26,880 23.53%
on production, are more cost effective. “Outsourcing” is a term laden with a negative connotations, but the resulting improvements in value in every product category lend cre dence its value. The Global 225 roster includes manufacturers, distributors, and publishers addressing every conceivable product category. The revenue and employment numbers give a good indication of scale. What they don’t capture is the specialized skill sets that reside within each enterprise. Ultimately, success hinges on organizational knowledge. At Martin guitar, it’s the deep understanding of wood, glue, and lacquer that underpins the ability to craft a fine guitar. For QSC Audio, it’s the intimate appreciation of demanding sound professionals that guides product development. Machining grenadilla wood into a clar inet body is a deceptively difficult process that few outside of France have ever mastered. That’s why Buffet clarinets remain a top choice for discerning players. The currencies of most South American nations experience wild swings that make running an import business next to impossible. The fact that any music business at all is transacted in these countries is a tribute to the resourcefulness of local distributors. Cataloging all these abilities would fill volumes. However, suffice it to
$18.1
$20.8
$20.5
$20.1 $20.0
$19.7
$19.3 $19.4
$19.6
$18.2
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
BY COMPANY TYPE
Manufacturer/ Retailers: 2
Distributors: 49
Manufacturer/ Distributors: 6 Distributor/ Retailers: 11 Publishers: 5
Manufacturers: 152
say that the $20.8 billion in revenue is the byproduct of a deep reservoir of knowledge. Although there are always shifts in the rankings, given per formance differentials and companies coming on and off the list, 2015 was a particularly uneventful year. Merger and acquisition activity was nominal; instead of looking elsewhere for opportunity, most companies are focusing on strengthening their core business. Despite the previously mentioned diversi ty, music products companies around the world face the same headwinds: a glut of used inventory, unfavorable demograph ics, and a decrease in average selling prices. Compiling a list of the largest industry companies starts with answering the seemingly obvious question, “What constitutes a music products company?” We say “seemingly” because on closer analysis it is not altogether obvious. Since the introduc tion of the GarageBand program in 2005, Apple has sold more multitrack recording systems than anyone else: 40 million units by some estimates. We don’t include it on the list because music isn’t a core business, and pinpointing GarageBand’s revenue is next to impossible. Bose offers a limited array of audio gear that is sold through the m.i. distribution channel. We exclude it because the relevant revenues are also buried MUSIC TRADES
December 2016
GLOBAL TOP 225 SUPPLIERS deep within five billion dollars worth of consumer audio products. In summary, we include all the sales data we can obtain; in the absence of data, we take a pass. These limitations aside, the list remains a valuable snapshot of a dynamic industry. A sizable number of companies on the Global 225 are engaged in businesses outside the realm of what we define as the music products industry. Shure man ufactures transducers that are used in a variety of telecommunications, con
MUSIC TRADES December 2016
sumer audio, and broadcasting applica tions; QSC produces power amps that drive movie theater sound systems; and Yamaha is active in the consumer elec tronics business. When possible, we exclude “nonmusic” revenues from our list. However, if an accurate determina tion cannot be made, we include total corporate revenues, creating something of an “apples and oranges” comparison. The inclusion of nonmusical revenue is one reason why, at $20.8 billion, the combined revenues of the Global 225
exceed the size of the global market for music products, which came in at $16.2 billion in 2015. The other reason for the disparity is the doublecounting of sales. Gold Peak and Sound King are contract manufacturers and much of their com bined $350 million in revenue comes from producing products that are resold by other manufacturers on the Global 225. Consequently, that $350 million is effectively counted twice: once as rev enue to Gold Peak and Sound King, and again In each of the when it is marked 225 companies up and resold listed, there under other brand resides a deep names. In another reservoir of example, sales volumes generat specialized ed by Ibanez gui knowledge. tars are reflected in the sales of Hoshino Corp., but also in the results of the many inter national distributors that resell them. Absent a clear way to eliminate this doublecounting, we simply present gross sales. Our best guess, however, is that doublecounting adds about 35% to the gross sales of the group. In completing a list like this, a few words on methodology are in order. Sales volumes represent either estimat ed or reported sales figures for either calendar 2015 or the most recently com pleted fiscal year. The numbers come from a variety of sources: There are 18 that because of publicly held debt or equity are required to make financial data available. The ranks of public firms declined last year as Steinway Musical Instruments and Roland Corporation were both taken private. In certain European countries, specifically France, the U.K., Germany, Netherlands, and Italy, public filings make it possible to garner precise sales data. In those cases where public filings aren’t available, we rely on a combination of companysub mitted data, informed estimates, import/export data compiled by the World Trade Organization, and associa tion data. For the purposes of compari son, sales data is converted into U.S. dollars at the December 31, 2015 exchange rate.
GLOBAL TOP 225 SUPPLIERS RANK
CEO
COUNTRY
Mfg.
Takuya Nakata
Japan
www.yamaha.co.jp
Mfg.
Henry E. Juszkiewicz
USA
www.gibson.com
EST. 2015 REVENUES
EMPLOYEE COUNT
COMPANY TYPE
YAMAHA CORPORATION
$4,260,000,000
20,348
GIBSON BRANDS
$1,725,000,000
5,200
3
HARMAN PROFESSIONAL (div Harman Industries)
$1,048,964,000
3,700
Mfg.
Mohit Parasher
USA
4
SENNHEISER ELECTRONIC
$742,850,000
2,375
Mfg.
Jorg Sennheiser
Germany
5
6
KAWAI MUSICAL INSTRUMENTS MFG. CO., LTD.
$675,000,000
2,995
Mfg.
Hirotaka Kawai
Japan
www.kawai.co.jp
6
5
FENDER MUSICAL INSTRUMENTS
$525,000,000
1,756
Mfg.
Andy Mooney
USA
www.fender.com
7
7
SHURE INC.
$515,000,000
2,390
Mfg.
Sandy LaMantia
USA
www.shure.com
8
9
MUSIC GROUP
$420,000,000
3,900
Mfg.
Uli Behringer
China
www.music-group.com
9
12
JAM INDUSTRIES
$405,000,000
685
Dist.
Martin Szpiro
Canada
10
8
STEINWAY MUSICAL INSTRUMENTS
$390,000,000
1,850
Mfg.
Ron Losby
USA
11
10
ROLAND CORPORATION
$385,000,000
1,200
Mfg.
Jun-ichi Miki
Japan
www.rolandcorp.com
12
14
KHS
$375,000,000
3,300
Mfg.
Karl Leong
Taiwan
www.KHSmusic.com
13
11
PARSONS MUSIC
$360,000,000
4,500
Dist./Ret.
Terence & Arling Ng
Hong Kong
www.parsonsmusic.com
14
13
INMUSIC BRANDS (Numark, Akai, Alesis, Ion, M-Audio)
$320,000,000
390
Mfg.
Jack O'Donnell
USA
www.inmusicbrands.com
15
17
AUDIO-TECHNICA CORPORATION
$308,240,000
540
Mfg.
Kazuo Matsushita
Japan
www.audio-technica.co.jp
16
15
GOLD PEAK INDUSTRIES
$236,070,000
1,450
Mfg.
Victor Lo Chung Wing
Hong Kong
17
16
PEARL RIVER PIANO GROUP
$233,691,000
1,850
Mfg.
Jian Ning Li
China
www.pearlriverpiano.com
18
18
CASIO COMPUTER CO., LTD.
$210,000,000
n/a
Mfg.
Kazuo Kashio
Japan
www.casio.co.jp
19
19
QSC AUDIO PRODUCTS, LLC
$210,000,000
438
Mfg.
Joe Pham
USA
www.qscaudio.com
20
21
HAL LEONARD CORPORATION
$174,352,000
431
Pub.
Keith Mardak
USA
www.halleonard.com
21
20
D'ADDARIO & COMPANY
$174,000,000
1,158
Mfg.
James D'Addario
USA
www.daddario.com
22
28
SAMICK MUSICAL INSTRUMENTS COMPANY LTD.
$160,730,000
2,950
Mfg.
Jong Sup Kim
South Korea
www.samick.co.kr
23
24
MRH/ LUTHMAN/ 4SOUND
$145,000,000
380
Dist./Ret.
Henrik Olausson
Sweden
www.luthman.se
24
29
KORG, INC.
$145,000,000
290
Mfg.
Seiki Kato
Japan
www.korg.co.jp
25
26
TOM LEE MUSIC CO. LTD.
$140,000,000
450
Dist./Ret.
John Lee
Hong Kong
www.tomleemusic.com
26
30
MARTIN GUITAR COMPANY
$125,250,000
1,100
Mfg.
Christian F. Martin IV
USA
www.martinguitar.com
27
25
LOUD TECHNOLOGIES
$125,000,000
184
Mfg.
Mark Graham
USA
www.mackie.com
28
23
AVID AUDIO (div. Avid Technologies)
$123,100,000
430
Mfg.
Louis Hernandez Jr.
USA
www.avid.com
29
27
PEAVEY ELECTRONICS CORP.
$120,000,000
230
Mfg.
Hartley Peavey
USA
www.peavey.com
30
31
SOUNDKING GROUP CO., LTD.
$115,000,000
2,400
Mfg.
Leo Wang
China
www.soundking.com
31
40
BUFFET CRAMPON GROUP
$115,000,000
875
Mfg.
Jérôme Perrod
France
www.buffetcrampon.fr
32
32
TAYLOR GUITAR
$109,000,000
976
Mfg.
Kurt Listug
USA
www.taylorguitars.com
33
35
YOUNG CHANG AKKI LTD.
$106,000,000
2,500
Mfg.
Chang-hwan Suh
South Korea
www.ycpiano.co.kr
34
38
CORT MUSICAL INSTRUMENT CO., LTD
$100,000,000
3,000
Mfg.
Young H. Park
South Korea
www.cort.co.kr
35
36
ALGAM
$98,000,000
220
Dist.
Gerard Garnier
France
www.algam.net
36
33
XINGHAI PIANO GROUP COMPANY
$97,000,000
2,800
Mfg.
Ningwei Zhu
China
www.xhpiano.com
37
34
HOSHINO GAKKI CO., LTD.
$95,500,000
134
Mfg.
Toshitsugu Tanaka
Japan
www.hoshinogakki.co.jp
38
41
SAMSON TECHNOLOGIES CORP.
$89,000,000
101
Mfg.
Jack Knight
USA
www.samsontech.com
39
42
MEDELI ELECTRONICS CO., LTD.
$84,000,000
1,200
Mfg.
Fanny Cheng
Hong Kong
www.medeli.com.hk
40
112 DRUM WORKSHOP, INC.
$80,000,000
220
Mfg.
Chris Lombardi
USA
www.dwdrums.com
41
43
YORKVILLE SOUND
$78,223,115
255
Mfg.
Steve Long
Canada
www.yorkville.com
42
44
MUSIK HUG AG
$77,000,000
288
Dist./Ret.
Erika Hug
Switzerland
www.musikhug.ch
43
37
NATIVE INSTRUMENTS GMBH
$74,277,119
400
Mfg.
Daniel Haver
44
55
ADAM HALL GROUP
$72,800,000
200
Mfg.
Alexander Pietschmann
Germany
45
46
PRO SHOWS (BRASIL)
$71,600,000
71
Dist.
H. Martellotta / V. Souza
Brazil
15
14
1
1
2
2
3 4
For More Information On The Global 225 Companies, Visit www.musictrades.com
MUSIC TRADES December 2016
www.harman.com www.sennheiser.com
www.jamindustries.com www.steinwaymusical.com
www.goldpeak.com
Germany www.native-instruments.com www.adamhall.com www.proshows.com.br
GLOBAL TOP 225 SUPPLIERS RANK
EST. 2015 REVENUES
EMPLOYEE COUNT
COMPANY TYPE
CEO
COUNTRY
15
14
46
47
ERNIE BALL / MUSIC MAN
$70,000,000
397
Mfg.
Sterling Ball
USA
www.ernieball.com
47
52
AMERICAN D.J.
$68,500,000
85
Dist.
Charles Davies
USA
www.Americandj.com
48
50
MUSIK MEYER GROUP
$68,000,000
189
Dist.
Matthias Meyer
Germany
www.musik-meyer.de
49
48
ALFRED MUSIC
$67,000,000
194
Pub.
Gear Fisher
USA
50
79
SFM
$64,000,000
122
Dist.
Randal Tucker
Canada
51
49
HERMES
$64,000,000
215
Dist.
Alberto Kreimerman
USA
52
45
FOCUSRITE AUDIO ENGINEERING LTD.
$63,398,000
175
Mfg.
Dave Froker
U.K.
53
53
GODIN GUITAR COMPANY
$61,000,000
400
Mfg.
Robert Godin
Canada
54
39
GEWA MUSIC GMBH
$60,826,446
255
Dist.
Hans Peter Messner
Germany
55
62
ZOOM CORPORATION
$58,500,000
78
Mfg.
Masahiro Iijima
Japan
56
51
PEARL MUSICAL INSTRUMENTS CO., LTD.
$58,200,000
144
Mfg.
Masakatsu Yanagisawa
Japan
www.pearlgakki.com
57
56
HAILUN PIANO CO. LTD.
$57,909,620
1,138
Mfg.
Hailun Chen
China
www.hailun-pianos.com
58
65
KYORITSU CORP
$56,260,000
141
Dist.
Shinichi Suzuki
Japan
www.kcmusic.jp
59
84
ESP CO., LTD.
$56,260,000
420
Mfg.
Hisatake Shibuya
Japan
www.espguitars.co.jp
60
54
THE RAPCOHORIZON COMPANY
$55,500,000
550
Mfg.
Dale Williams
USA
www.rapcohorizon.com
61
57
COSMOS CORP.
$55,000,000
86
Dist.
Kwanki Min
South Korea
www.cosmosmusic.com
62
59
ROLAND MEINL MUSIKINSTRUMENTE GMBH
$55,000,000
190
Dist.
Reinhold Meinl
Germany
63
61
SKB CORPORATION
$53,000,000
260
Mfg.
Dave Sanderson
USA
64
70
NONAKA BOEKI CO., LTD.
$52,380,000
58
Dist.
John Nonaka
Japan
www.nonaka.com
65
66
LUO MUSIC CORPORATION
$50,400,000
810
Mfg.
Jianfeng Luo
China
www.luomusic.com
66
58
PRESONUS AUDIO ELECTRONICS
$49,000,000
127
Mfg.
Stephen Fraser
USA
67
107 TAKEMOTO PIANO CO., LTD.
$48,500,000
98
Dist
Koichi Takemoto
Japan
www.used-piano.com
68
69
TIANJIN JIN BAO MUSIC INSTRUMENTS
$47,500,000
2,600
Mfg.
Yunbin Liu
China
www.jinbaomusic.com
69
64
BEYERDYNAMIC
$47,119,514
205
Mfg.
Fred R. Beyer
Germany
www.beyerdynamic.de
70
76
PRIMA GAKKI CO., LTD.
$46,560,000
100
Dist.
Hitoshi Ohashi
Japan
www.prima-gakki.co.jp
71
89
BLUE MICROPHONES
$46,000,000
56
Mfg.
John Maier
USA
72
92
RINGWAY TECH (JIANGSU) CO., LTD.
$46,000,000
750
Mfg.
Fan Tingguo
China
73
68
RELIANCE INTERNATIONAL CORP.
$46,000,000
55
Mfg.
Joseph Chen
Taiwan
74
67
AVEDIS ZILDJIAN COMPANY
$45,900,000
106
Mfg.
Craigie Zildjian
USA
www.zildjian.com
75
74
HEBEI JINYIN MUSICAL INSTRUMENTS
$44,600,000
2,300
Mfg.
Chen Xue Kong
China
www.jinyinmusic.com
76
86
ZEN-ON MUSIC CO., LTD.
$43,650,000
120
Pub.
Noriyuki Honma
Japan
77
77
THE MUSIC PEOPLE
$43,600,000
57
Dist.
Sharon & John Hennessey
USA
78
75
TEVELAM S.R.L.
$43,000,000
62
Dist.
Hugo Martellotta
Argentina
79
73
SUZUKI MUSICAL INSTRUMENT MFG CO., LTD.
$43,000,000
180
Mfg.
Manji Suzuki
Japan
80
78
DUNLOP MANUFACTURING
$43,000,000
237
Mfg.
James Dunlop
USA
www.jimdunlop.com
81
82
EASTMAN MUSIC COMPANY
$42,500,000
120
Mfg.
Qian Ni
USA
www.eastmanmusiccompany.com
82
91
FUJIGEN INC.
$41,661,000
239
Mfg.
Yuichiro Yokouchi
Japan
83
N
SINGING MACHINE COMPANY
$39,308,281
26
Mfg.
Yi Ping Chang
USA
www.alfred.com www.sfm.ca www.hermes-music.com www.focusrite.com www.godinguitars.com www.musik-gewa.de www.zoom.co.jp
www.meinl.de www.skbcase.com
www.presonus.com
www.bluemic.com www.ringway.cn www.playdixon.com
www.zen-on.co.jp www.musicpeopleinc.com www.tevelam.com www.suzuki-music.co.jp
www.fujigen.co.jp www.singingmachine.com
84
100 PAUL REED SMITH GUITARS
$39,200,000
230
Mfg.
Paul Reed Smith
USA
85
60
STAMER GROUP
$39,145,554
170
Mfg.
Hans & Lothar Stamer
Germany
86
87
MAXTONE MUSICAL INSTRUMENT MFG. CO.
$39,000,000
75
Mfg.
Oscar Wu
Taiwan
87
81
REMO INC.
$38,500,000
153
Mfg.
Brock Kaericher
USA
www.remo.com
88
72
TROPICAL MUSIC GROUP
$37,000,000
19
Dist.
Oscar Mederos
USA
www.tropicalmusic.com
89
63
GIANNINI S/A
$36,000,000
500
Mfg.
Roberto Giannini
Brazil
www.giannini.com.br
90
83
EMD MUSIC GROUP
$35,600,000
130
Dist.
Leonardo Baldocci
Belgium
www.emdmusic.com
For More Information On The Global 225 Companies, Visit www.musictrades.com
MUSIC TRADES December 2016
www.prsguitars.com www.musicandsales.com www.maxtone.com.tw
GLOBAL TOP 225 SUPPLIERS RANK
EST. 2015 REVENUES
EMPLOYEE COUNT
COMPANY TYPE
CEO
COUNTRY
15
14
91
85
HENRI SELMER ET CIE
$35,590,000
425
Mfg.
Brigitte Selmer
France
www.selmer.fr
92
99
CASA VEERKAMP S.A. DE C.V.
$35,000,000
135
Dist.
Thomas Veerkamp
Mexico
www.veerkamp.com
93
120 EKO MUSIC GROUP SPA
$34,904,013
77
Mfg.
Stelvio Lorenzetti
Italy
94
105 EM NORDIC AB
$34,000,000
100
Dist.
Benny Englund
Sweden
95
102 VIC FIRTH, INC.
$33,960,000
150
Mfg.
Craigie Zildjian
USA
www.vicfirth.com
96
101 MARSHALL AMPLIFICATION PLC
$33,390,098
168
Mfg.
Jonathan Ellery
U.K.
www.marshallamps.com
97
103 G.A. YUPANGCO & CO.
$33,200,000
280
Dist./Ret.
Philip Yupangco
Philippines
www.yupangco.com
98
98
$33,000,000
700
Mfg.
Yao Rui
China
www.elderaudio.com
99
104 WARWICK GMBH & CO.-MUSIC EQUIPMENT
ELDER AUDIO
$31,350,000
65
Mfg.
Hans-Peter Wilfer
Germany
100 106 ELECTRO-HARMONIX
$31,200,000
125
Mfg.
Mike Matthews
USA
101 N
HUAKAI MUSICAL INSTRUMENT
www.ekomusicgroup.com www.emnordic.se
www.warwickbass.com www.ehx.com
$30,000,000
700
Mfg.
Hua Sheng
China
www.clevanguitar.com
102 110 AUDIOMUSICA S.A.
$30,000,000
110
Dist.
Armando Gotelli
Chile
www.audiomusica.com
103 121 ARAI & CO., INC.
$29,100,000
50
Dist.
Kazuyuki Matsuda
Japan
104 114 ST. LOUIS MUSIC
$29,000,000
55
Dist.
Mark Ragin
USA
105 123 HARRISTELLER INC.
$28,950,000
54
Dist.
Mike Harris
USA
106 97
TODOMUSICA S.A.
$28,500,000
68
Dist.
Rafael Pedace
Argentina
107 96
PROEL SPA
www.ariaguitars.com www.usbandsupplies.com www.harristeller.com www.todomusica.com.ar
$26,721,738
120
Mfg.
Fabrizio Sorbi
Italy
108 117 KAPOK MUSICAL INSTRUMENT COMPANY LTD.
$26,500,000
850
Mfg.
Zhiqiang He
China
www.kapokmusical.com.cn
109 116 FISHMAN TRANSDUCERS
$25,859,000
66
Mfg.
Larry Fishman
USA
www.fishman.com
110 128 SABIAN LTD.
$25,641,000
98
Mfg.
Andy Zildjian
Canada
www.sabian.com
111 93
www.bechstein.de
C. BECHSTEIN PIANOFORTEFABRIK AG
www.proel.com
$25,640,237
300
Mfg.
Karl Schulze
Germany
112 118 TKL PRODUCTS CORPORATION
$25,500,000
80
Mfg.
Thomas Dougherty
USA
www.tkl.com
113 119 RBX INTERNATIONAL CO. LTD.
$25,400,000
120
Dist./Ret.
Yoel Brand
Israel
www.kley-zemer.co.il
114 94
ABLETON
$25,400,000
160
Mfg.
Gerhard Behles
Germany
115 N
ELIXIR STRINGS (W. L. Gore and Associates)
$25,000,000
n/a
Mfg.
Terri L. Kelly
USA
www.wlgore.com
116 N
GREAT WALL MUSICAL INSTRUMENTS
$25,000,000
35
Dist.
Ye Jin Bin
China
www.musicgw.com
117 113 HHB COMMUNICATIONS LTD.
$25,000,000
55
Dist.
Ian Jones
U.K.
118 71
$25,000,000
70
Dist.
Tsutomu Yokoyama
Japan
KANDA SHOKAI CORPORATION
www.ableton.com
www.hhb.co.uk www.kandashokai.co.jp
119 147 CÓRDOBA MUSIC GROUP
$24,175,000
64
Dist.
Tim Miklaucic
USA
www.cordobamusicgroup.com
120 125 PASGAO GLOBAL SOUND
$24,000,000
150
Mfg.
Gabriel Lin
China
www.pasgao.com
121 126 CHERUB TECHNOLOGY CO., LTD.
$24,000,000
400
Mfg.
Zhao Zhe
China
www.cherubtechnology.com
122 88
$24,000,000
135
Mfg.
Rene Moura
Brazil
www.royalmusic.com.br
ROYAL INSTRUMENTOS
123 140 SCHIMMEL PIANOFORTEFABRIK
$24,000,000
150
Mfg.
H. Schimmel-Vogel
Germany
www.schimmel-piano.de
124 90
$23,796,539
250
Mfg.
Gabriela Konig
Germany
www.k-m.de
125 133 GLOBAL & CO., INC.
$23,280,000
42
Mfg.
Kazu Matsuda
Japan
126 127 M AND M MERCHANDISERS, INC.
$23,250,000
58
Dist.
Marty Stenzler
USA
www.mmwholesale.com
127 131 UNIVERSAL AUDIO
$23,100,000
108
Mfg.
Bill Putnam Jr.
USA
www.uaudio.com
129 124 CLAVIA DIGITAL MUSIC INSTRUMENTS
$23,000,000
31
Mfg.
Hans Nordelius
Sweden
129 129 SHIMRO
$23,000,000
45
Mfg.
Won Jung, Kim
South Korea
130 132 AUSTRALIS MUSIC GROUP PTY. LTD.
$22,900,000
38
Dist.
Trevor Morrow
Australia
131 80
KONIG & MEYER
www.globe-inst.co.jp
www.clavia.se www.shimro.com www.australismusic.com.au
MOGAR MUSIC S.P.A.
$22,773,242
100
Dist.
Antonio Monzino
Italy
www.mogarmusic.it
132 149 LOUIS RENNER, GMBH
$22,000,000
255
Mfg.
Clemens von Arnim
Germany
www.rennerusa.com
133 122 GHS / ROCKTRON
$22,000,000
76
Mfg.
Russell S. McFee
USA
www.ghsstrings.com
134 135 D.B. MUSICAL INSTRUMENT CO., LTD.
$21,885,888
350
Mfg.
Tony Huang
Taiwan
www.db-musical.com
135 130 ARMADILLO ENTERPRISES
$21,697,000
48
Mfg.
Elliott Rubinson
USA
www.armadilloent.com
For More Information On The Global 225 Companies, Visit www.musictrades.com
MUSIC TRADES December 2016
GLOBAL TOP 225 SUPPLIERS RANK
15
EST. 2015 REVENUES
14
EMPLOYEE COUNT
COMPANY TYPE
CEO
COUNTRY
136 141 MORIDAIRA MUSICAL INSTRUMENTS CO., LTD.
$21,468,000
48
Dist.
Tamio Minagawa
Japan
137 136 THE MUSIC LINK
$21,315,000
55
Dist.
Steve Patrino
USA
www.musiclinkcorp.com
138 142 WHIRLWIND
$21,200,000
130
Mfg.
Michael Laiacona
USA
www.whirlwindusa.com
139 134 EMINENCE SPEAKER LLC.
$21,000,000
101
Mfg.
Chris Rose
USA
www.eminence.com
140 N
INTELLIMIX CORP.
www.moridaira.com
$20,500,000
26
Dist
Stephen Kosters
Canada
www.intellimix.com
141 152 KALA BRAND MUSIC CO.
$20,200,000
55
Mfg.
Mike Upton
USA
www.kalaukulele.com
142 109 A&T TRADE
$20,000,000
325
Dist./Ret.
Aleksey Kurochkin
Russia
www.attrade.ru
143 148 DANSR INC. (U.S. Vandoren distributor)
$20,000,000
27
Dist
Michael Skinner
USA
www.dansr.com
144 143 MAPES PIANO STRING COMPANY
$19,996,000
128
Mfg.
William L. Schaff
USA
www.mapeswire.com
145 146 FENGLING MUSICAL INSTRUMENTS
$19,500,000
1,300
Mfg.
Li Shu
China
www.feng-ling.com.cn
146 137 CMI MUSIC & AUDIO
$19,000,000
38
Dist.
Peter Trojkovic
Australia
www.cmi.com.au
147 144 AUSTRALASIAN MUSIC SUPPLIES PTY, LTD.
$18,800,000
55
Dist.
Kevin Hague
Australia
www.austmusic.com.au
148 138 SOUND TECHNOLOGY PLC
$18,642,888
44
Dist.
David Marshall
U.K.
www.soundtech.co.uk
149 151 DAS AUDIO S.A.
$18,550,000
52
Mfg.
Jose Vila Ortiz
Spain
150 N
F.B.T. ELECTRONICA SPA
$18,535,558
150
Mfg.
Bruno Tanoni
Italy
www.fbt.it
151 N
BREEDLOVE GUITARS
$18,500,000
125
Mfg.
Tom Bedell
USA
www.breedlovemusic.com
www.equipson.es
152 154 CONNOLLY MUSIC COMPANY
$18,000,000
26
Dist.
John M. Connolly III
USA
www.connollymusic.com
153 187 VISCOUNT INTERNATIONAL
$18,000,000
120
Mfg.
Loriana Galanti
Italy
www.viscount-organs.com
154 167 RADIAL ENGINEERING
$17,940,000
86
Mfg.
Peter Janis
Canada
155 164 HALILIT
$17,515,000
35
Dist
Hagai Greenspoon
Israel
156 160 ALLEN ORGAN COMPANY, LLC
$17,000,000
141
Mfg.
Steve Markowitz
USA
157 153 THOMASTIK-INFELD GMBH
$16,800,000
200
Mfg.
Peter Infeld
Austria
158 175 UNIVERSAL PERCUSSION, INC.
$16,780,000
56
Mfg.
Thomas W. Shelley
USA
www.universalpercussion.com
159 155 RANE CORPORATION
$16,500,000
70
Mfg.
George Sheppard
USA
www.rane.com
www.radialeng.com www.halilit.com www.allenorgan.com www.thomastik-infeld.com
160 176 TAKAMINE GUITARS, LTD.
$16,490,000
71
Mfg.
Hayami Tate
Japan
161 159 PIANODISC
$16,480,000
136
Mfg.
Kirk Burgett
USA
162 150 ORANGE MUSIC ELECTRONIC COMPANY
$16,122,835
70
Mfg.
Clifford Cooper
U.K.
www.orangeamps.com
163 158 SCHECTER GUITAR RESEARCH
$16,100,000
35
Mfg.
Michael Ciravolo
USA
www.schecterguitars.com
164 173 IK MULTIMEDIA PRODUCTION
$16,000,000
19
Mfg.
Enrico Iori
USA
www.ikmultimedia.com
165 180 MOOG MUSIC
$15,875,000
85
Mfg.
Mike Adams
USA
www.moogmusic.com
166 N
PRASE ENGINEERING
www.takamineguitars.co.jp www.pianodisc.com
$15,765,615
160
Mfg.
Ennio Prase
Italy
www.prase.it
167 165 CARVIN CORP.
$15,500,000
99
Mfg./Ret.
Carson Kiesel
USA
www.carvin.com
168 178 MURAMATSU INC.
$15,420,000
46
Mfg.
Osamu Muramatsu
Japan
169 168 TYCOON MUSIC CO., LTD.
$15,300,000
175
Mfg.
Stephen Yu
Thailand
170 166 COMMUNITY PROFESSIONAL
$15,150,000
80
Mfg.
Bruce Howze
USA
www.communitypro.com
171 170 SUNSMILE MUSICAL INSTRUMENT
$15,000,000
250
Mfg.
Liu Shuguang
China
www.ssmii.com
172 108 PRIDE MUSIC
$15,000,000
70
Dist.
Lucio Grossman
Brazil
www.pridemusic.com.br
173 202 LYON & HEALY HARPS
$15,000,000
130
Mfg.
Janet Harrell
USA
www.lyonhealy.com
174 N
www.davesmithinstruments.com
DAVE SMITH INSTRUMENTS LLC
www.muramatsuflute.com www.tycoonpercussion.com
$14,500,000
12
Mfg.
Dave Smith
USA
175 182 TATSUNOYA CO., LTD.
$14,500,000
23
Dist
Munehiro Okada
Japan
176 174 SEYMOUR DUNCAN
$14,204,000
110
Mfg.
Cathy Carter Duncan
USA
177 139 PIRASTRO GMBH
$13,813,918
155
Mfg.
Annette Muller-Zierach
Germany
178 171 FATAR S.R.L.
$13,626,867
33
Mfg.
L. Ragoni
Italy
www.fatar.com
179 156 APOGEE ELECTRONICS CORPORATION
$13,500,000
42
Mfg.
Betty Bennett
USA
www.apogeedigital.com
180 163 M. CASALE BAUER SPA
$13,472,786
25
Dist.
Patrizia Bauer
Italy
www.casalebauer.com
For More Information On The Global 225 Companies, Visit www.musictrades.com
MUSIC TRADES December 2016
www.tatsunoya.co.jp/ www.seymourduncan.com www.pirastro.com
GLOBAL TOP 225 SUPPLIERS RANK
15
EST. 2015 REVENUES
14
EMPLOYEE COUNT
COMPANY TYPE
CEO
COUNTRY
181 179 NEIL A KJOS MUSIC COMPANY
$12,750,000
75
Pub.
Neil A. Kjos, Jr.
USA
www.kjos.com
182 172 WUHAN ELECA ELECTRONICS
$12,589,305
180
Mfg.
Zhang Bin
China
www.eleca.com
183 95
JYJ MUSICAL INSTRUMENT CO., LTD.
$12,500,000
75
Mfg.
Jimmy Hou
China
184 183 SHADOW ELEKTROAKUSTIK
$12,500,000
125
Mfg.
Joe Marinic
Germany
185 157 GUANG ZHOU BOURGADE
$12,500,000
900
Mfg.
Xing Baojia
China
www.baojiamusic.com
186 190 TEAM INTERNATIONAL MUSIC
$12,500,000
35
Mfg.
C.C. Tsai
China
www.teamintlco.com
187 145 SARA-TRANS GROUP
$12,421,000
145
Mfg./Ret.
Jasbeer Siingh
India
www.saratransgroup.com
188 184 ANGEL INDUSTRIES CO., LTD.
$12,400,000
125
Mfg.
Frank Yang
Taiwan
www.gemeinhardt.com
189 N
NADY SYSTEMS
www.yajiamusic.com www.shadow-electronic.de
$12,400,000
75
Mfg.
John Nady
USA
www.nadywireless.com
190 186 WAVES, INC.
$12,200,000
20
Mfg.
Gilad Keren
USA
www.waves.com
191 162 GRAND REWARD EDUCATION CO., LTD.
$12,000,000
520
Mfg.
C.W. Tsai
China
www.faridaguitars.com
192 N
$12,000,000
75
Mfg.
C. Blüthner-Haessler
Germany
JULIUS BLUTHNER PIANO GMBH
www.bluethner.com
193 216 KIKUTANI MUSIC CO., LTD.
$12,000,000
25
Dist.
Toshi Kikutani
Japan
www.kikutani.co.jp
194 189 DALING MUSICAL INSTRUMENT CO., LTD.
$11,900,000
300
Mfg.
N/A
China
www.gzdaling.en.ec21.com
195 177 MESA BOOGIE
$11,900,000
97
Mfg.
Randall Smith
USA
www.mesaboogie.com
196 210 LUTNER SPB LTD.
$11,800,000
25
Dist
Sergey Antonov
Russia
197 161 JOHN HORNBY SKEWES & COMPANY LTD.
$11,637,609
60
Dist.
Dennis Drumm
U.K.
198 191 KWO HSIAO MUSIC WOODEN FACTORY
$11,575,000
300
Mfg.
C.M. Tsai
Taiwan
www.finaguitar.com.tw
199 188 RENKUS-HEINZ, INC.
$11,500,000
77
Mfg.
Roscoe Anthony
USA
www.renkus-heinz.com
200 208 MANUFACTURAS ALHAMBRA, S.L.
$11,500,000
115
Mfg.
Jose Jorge Botella Trelis
Spain
www.alhambrasl.com
201 197 COLLINGS GUITARS
$11,400,000
105
Mfg.
Bill Collings
USA
www.collingsguitars.com
202 193 LYDROMMET AS
$11,400,000
25
Dist.
Christian Wille
Norway
203 169 BLACKSTAR AMPLIFICATION LTD.
$11,275,000
50
Mfg.
Ian Robinson
U.K.
www.blackstaramps.com
204 195 EMG
$11,200,000
62
Mfg.
Robert A. Turner
USA
www.emginc.com
205 198 LARRIVÉE GUITARS
$11,200,000
77
Mfg.
Jean Larrivée
USA
www.larrivee.com
206 111 HANSER MUSIC GROUP
$11,100,000
19
Dist.
Gary Hanser
USA
www.hhimusic.com
207 192 CHARLES DUMONT & SON
$10,986,000
33
Dist.
Charles J. Dumont
USA
www.dumontmusic.com
208 181 LTM
$10,500,000
55
Dist./Ret.
Victor Yakubovskiy
Russia
www.ltm-music.ru
209 185 MEGA MUSIC SP. Z.O.O.
$10,500,000
35
Mfg.
Dariusz Adamowicz
Poland
www.megamusic.pl
210 204 Leem Products Co., Ltd.
$10,175,000
100
Mfg.
Ick Chan Leem
South Korea
211 205 AMI Musical Instruments GmbH
$10,150,000
25
Dist
Gunther Lutz
Germany
212 209 ENRIQUE KELLER S.A
$10,100,000
50
Mfg.
Ms. Cristina Keller
Spain
213 N
JOHANNUS ORGELBOUW BV
www.lutner.ru www.jhs.co.uk
www.lydrommet.no
www.leem.co.kr www.ami-gmbh.de www.admira.es
$10,000,000
57
Mfg.
Marco Vandeweerd
Netherlands
www.johannus.com
214 212 TICO MUSICA S.A.
$9,900,000
16
Dist
Albert Tico Lopez
Spain
www.ticomusica.es
215 211 CAE, INC.
$9,750,000
41
Mfg.
Jim Fackert
USA
www.caeinc.com
216 196 CHESBRO MUSIC
$9,700,000
48
Dist.
Tana Jane Stahn
USA
www.chesbromusic.com
217 199 PETERSON ELECTRO-MUSICAL PRODUCTS
$9,500,000
34
Mfg.
Scott Peterson
USA
www.petersontuners.com
218 213 EVENTIDE INC.
$9,350,000
54
Mfg.
CJ Scioscia
USA
www.eventide.com
219 201 PHONIC CORPORATION
$9,320,000
225
Mfg.
Stephan M.L. Wang
Taiwan
220 214 CARL FISCHER
$9,250,000
26
Pub.
Sonya Kim
USA
221 215 MIRAPHONE
$9,200,000
100
Mfg.
Josef Lindlmair
Germany
222 194 STENTOR MUSIC CO., LTD.
$9,034,295
30
Mfg.
Michael C. Doughty
U.K.
223 206 MARK OF THE UNICORN
$9,000,000
30
Mfg.
Robert Nathaniel
USA
www.motu.com
224 218 GETZEN COMPANY
$9,000,000
75
Mfg.
Brett Getzen
USA
www.getzen.com
225 221 GOTOH GUT CO., LTD.
$8,730,000
40
Mfg.
Masaki Gotoh
Japan
www.g-gotoh.com
For More Information On The Global 225 Companies, Visit www.musictrades.com
MUSIC TRADES December 2016
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