The 2014 NAMM Global Report

Transcription

1 The 1 NAMM Global Report

2 A Message from the Chairman and President/CEO According to the results from our last NAMM Member survey, one of the top three reasons cited for belonging to the association was access to important industry information and statistics, such as those found in this year s NAMM Global Report. It s easy to understand why. After all, the more knowledge our Members have about the state of the industry, the better decisions they can make. That s exactly what the NAMM Global Report is all about. This comprehensive report will help you to see industry trends, spot new opportunities and determine the best choices to make for your business in the coming year. This year s Global Report captures a snapshot of 1 countries: Argentina, Australia, Austria, Brazil, Canada, China, Finland, Germany, India, Italy, Japan, Mexico, Norway, Russia, South Korea, Spain, Sweden, Switzerland and, of course, the United States. In addition, the Czech Republic makes its first appearance in the report, and the United Kingdom returns after taking a few years off. On behalf of the NAMM Board of Directors and staff, we appreciate your continued support and Membership. NAMM remains dedicated to your success, and we hope you find the 1 NAMM Global Report useful to your business. Sincerely, Larry Morton, Chairman Joe Lamond, President/CEO

3 Contents Message from the Chairman and President/CEO Understanding the U.S. Data U.S. Snapshot U.S. Industry Revenue at a Glance 7 Music Industry Analysis 9 U.S. Retail sales Fretted Products and Effects Market 1 Piano and Organ Market 1 School Music Market 1 Pro Audio/Sound Reinforcement Market Percussion Market DJ Market Recording and Computer Music Market Electronic Music Market 1 Print Music Market Portable Keyboard Market Karaoke Market General Accessory Market U.S. Industry Summary & Imports and Exports Industry Summary 7 Import and Export Data international data Understanding the International Data Argentina Australia 1 Austria 71 Brazil Canada China 9 Czech Republic 111 Finland 11 Germany 1 India 1 Italy 1 Japan 1 Mexico 17 Norway 17 Russia 1 South Korea 17 Spain 19 Sweden 1 Switzerland 7 United Kingdom 1 NAMM Executive Committee & Board Of Directors ACKNOWLEDGEMENTS Managing Editors Causby Challacombe Erin Block International Affairs Betty Heywood Research Analyst Erin Block Layout/Design Matt Stenberg Megan Nelson Copy Editors Deborah Brada Lara Severson Laurie Gibson

4 Methodology The NAMM Global Report is a collection of information gathered from many sources, agencies and associations around the world. NAMM does not verify any of the information and cannot and does not guarantee the accuracy of the data. The statistics NAMM receives are summaries; NAMM personnel do not see or manipulate any individual company information. Sources for each piece of data are listed at the beginning of each section and can be summarized as follows: U.S. domestic sales information and commentary is provided by The Music Trades magazine, and import and export numbers are collected by the U.S. Census Bureau. Sales information and commentaries in the International section are provided by associations in each country. International economic, demographic and trade data are gathered from the CIA World Factbook, and the international music industry numbers are provided by The Music Trades magazine. Understanding the U.S. Data The unit sales and retail values in this report were compiled by the staff of The Music Trades magazine, which provides the following overview of the methodology used: How do you get sales data in an industry where most business is done by privately held companies, and there are few, if any, reporting sources? The answer is, you spend a lot of time digging. The data in these pages comes from a variety of sources import and export data as compiled by the World Trade Organization, retail sales data, filings from the industry s 1 publicly held enterprises, association data, and a lot of informed estimates and off the record conversations. The result is a snapshot of the volume of product that moves through the specialized channel of approximately, MI retailers in the United States. Data in these pages reflects wholesale shipments to retailers. Using an average industry margin that varies from category to category, we estimate a retail sales value. This methodology, although not perfect, yields a consistent picture and allows for reasonable year-to-year comparisons. Please note that data on the following pages does not include any figures on the used instrument market, which is extremely substantial, but difficult to measure with any accuracy.

5 Music USA United States Snapshot UNITED STATES Snapshot Demographics Population in millions 1.9 Age Male Female & Over..7 Median Age 7. Population Growth.77% Demographics 1.% 1 19.% + 1.9% Economy GDP (PPP) GDP-Service 79.% Economy $1.7 trillion GDP Per Capita $, GDP-Real Growth Rate 1.% Unemployment Rate 7.% Inflation 1.% GDP-Industry 19.% GDP-Agriculture 1.1% Data Source: Demographics, Economy and Trade from CIA World Factbook, Music Industry from The Music Trades. GDP (PPP): Gross Domestic Product based on purchasing-power-parity (PPP) valuation of country GDP in U.S. dollars ' ' United States GDP (PPP) (U.S. $ in trillions) ' ' ' '7 ' '9 ' ' ' ' Unemployment Rate (Percent) ' ' '7 ' '9 '1 1-1 ' ' ' Inflation (Annual Percent Rate) ' ' '7 ' '9 '1

6 Trade Total Export $1. trillion Export as % of GDP 9.9% Total Import $. trillion Import as % of GDP 1.7% Export Partners (1) Import Partners (1) Annual Percentage 1 1 Annual Percentage 1 1 Canada Mexico China Japan China Canada Mexico Japan Germany Music Industry Music Market $.7 billion Sales Per Capita $1.1 Global Share.% 1 1 Music Sales Per Capita (U.S. $) ' ' ' ' '7 ' '9 ' ' ' United States Music Market (U.S. $ in billions) ' ' '7 ' '9 '1 1 ' Share of Global Music Market (Percent) ' ' ' '7 ' '9 '1

7 Music USA U.S. Industry Revenue at a Glance Product Sales Totals (Retail 1 1) 1 1 Fretted Products $1,.19 $1,9.79 Sound Reinforcement Wind Instruments Printed Music General Accessories Microphones Percussion Computer Music Products Acoustic Pianos Signal Processing Instrument Amplifiers Portable Keyboards Digital Pianos Cables DJ Gear Keyboard Synthesizers Stringed Instruments Other Electronic Products Multi Track Recorders Electronic Player Pianos Institutional Organs Home Organs Karaoke Products Rhythm Machines $1.1 $19. $11.9 $1.77 $1.7 $9.9 $11. $7. $.1 $9. $9.7 $1. $17.7 $1. $1.7 $7.1 $7. $17. $1.9 $1. $1.7 $1. $1. $1.7 $11. $99. $. $19.1 $19. $9.1 $1.7 $.99 $1.7 $97. $. $.1 $1. $7. $1. $.77 $1.77 $. $1. $7. $79.99 $ (in millions of dollars) 7

8 U.S. Industry Revenue at a Glance 1 Industry Sales Gains and Declines DJ Gear Keyboard Synthesizers Electronic Player Pianos 1.% 1.% 1.% Microphones General Accessories Sound Reinforcement Karaoke Products Fretted Products Acoustic Pianos Wind Instruments Digital Pianos Computer Music Products Cables Instrument Amplifiers Other Electronic Products Institutional Organs Stringed Instruments Percussion Signal Processing Portable Keyboards Printed Music Rhythm Machines Multi Track Recorders Home Organs.1%.%.1%.%.1%.9%.7%.7% 1.9%.% -1.7% -1.1% -.% -.9% -.9% -.1% -.7% -.% -.% -11.% -.7% -% -% -1% -1% -% % % 1% 1% %

9 Music USA Introduction 1 Music Industry Analysis Industry Sales Advance in the Face of Strong Headwinds Despite surging sales of used gear and the financial stress of a key demographic, revenues advance.1%, in line with the larger economy The retail value of music products shipped in 1 advanced.1% to $.1 billion, basically keeping pace with the tepid growth of the economy. Although 1 represents the fourth straight year of sales gains, shipments are still below the pre-financial crisis peak. On a positive note, however, retailers and suppliers seem to have finally finished with the arduous task of recalibrating their business to the more austere climate. The resulting stability has improved the outlook dramatically, enabling businesses to once again focus their energies on rekindling growth. What we refer to as the music products industry is actually a collection of about a dozen product categories that have little in common aside from the fact that they include products that make audible sounds and are sold through a common distribution network. Given this diversity, sales results varied significantly among the product categories due to the volatile combination of economic trends, evolving musical styles and advancing technology. A rebound in the housing market bolstered acoustic piano sales, while shifting musical tastes contributed to strong gains in the acoustic guitar market. DJ and musicproduction products rode the popularity of electronic dance music (EDM) to achieve robust sales gains. Unfortunately, the same trend may have adversely affected entry-level electric guitar sales. Traditional percussion products lagged, largely due to the growing consumer preference for electronic alternatives. Audio sales advanced due to an improved economy, and school music edged up in line with national enrollment levels. While each of the product segments faced its own unique market dynamics, there were two emerging issues that confronted all of them: namely, growth in the sale of used products and the economic woes of the under- demographic. As chronicled in the columns of The Music Trades, for decades manufacturers and retailers have worried that there would be a calamity if all the unused instruments suddenly came on the market. Thanks to Craigslist and ebay, online marketplaces that traffic heavily in used gear, that day seems to have arrived. While it hasn t proved as disastrous as some have feared, there s no question that the vibrant market for used gear has weighed on new product sales. Precisely quantifying the size of the used market is impossible. However, some stats about ebay and Craigslist indicate just how large it is. On any given day, Craigslist nationally offers somewhere around 1 million music items that run the gamut from 9-foot Steinway grands (asking price $9,) and 19 Martin -s (asking price $,) to a lot of marginally functional stuff offered for $1. A similar range and volume of used gear is offered by ebay. In mid-sized markets like Springfield, Illinois; Des Moines, Iowa; or Augusta, Georgia, the inventory listed on the two sites would easily fill one or two decent-sized music stores. Couple this large supply of inventory with a generation accustomed to searching for online bargains, and the result is a significant market factor. The ebay website is the eighth most visited site in the U.S., and Craigslist is close behind at number 11. Music and music making have broad-based appeal, but the industry s largest number of customers still reside in the under- age bracket. These are the primary purchasers of guitars, amps, drums, keyboards and recording gear. And while the reverberations of the financial crisis were felt by all, they had a disproportionate effect on people age and under. A few key statistics illuminate the problem. According to the U.S. Department of Labor, only 7% of the 1 9 age cohort holds a fulltime job, an all-time low. The national unemployment rate stands at.% as of this writing, but it is 1% for the under- group. At a time when earnings opportunities seem to have declined, financial obligations have also increased. According to the treasury, college-related debt has risen 7% since. Although hard to quantify, it s not beyond dispute that the financial stress of a key buying group has retarded industry growth. Given these headwinds, it should be encouraging that industry sales held up as well as they have. The best explanation for the resilience is the ongoing advances in product value. Major strides in technology continue to improve the feature/price ratio of any product that contains a digital chip. Witness sub-$1, digital mixers, 9

10 and fully featured recording software for less than $1. However, the improvements have not been limited to the realm of high tech. Human ingenuity has found ways to enhance the value and performance of acoustic guitars, wind instruments and percussion products, yielding what can best be described as a golden age. This continued progress is the best hope for rekindling industry growth. What follows is a product-by-product assessment of the instruments considered in the U.S. section of the Global Report. Fretted Products and Effects Includes acoustic guitars, electric guitars, basses, ukuleles, amplifiers, strings, and guitar-related effects. Changing musical tastes, an ample supply of readily available used products, and new technologies combined to deliver mixed results for the fretted instrument market in 1. The year saw aggregate shipments of electric and acoustic guitars dip.7% to.7 million units versus.9 million units in 1. Retail value increased 7.% to $1.7 billion, compared with $1. billion in 1, reflecting increased sales of instruments retailing for over $1,. However, during the year, acoustic guitars significantly outpaced electric guitar sales. in $ billions 7 1 ' ' ' Industry Total ' ' '7 ' '9 '1 Unit shipments of acoustic guitars and acoustic guitars with pick-up assemblies advanced.7% to 1. million units, compared with 1. million units in 1. Retail dollar value advanced 1.% to $. million versus $. million in 1. By all accounts, higher-priced instruments were the bright spot of the market. By contrast, shipments of electric guitars declined.% to 1.1 million units versus 1.1 million units last year. The retail value of electric guitars declined only.% to $7.1 million versus $. million in 1. The softness in electric guitar sales also had an adverse impact on the sale of amplifiers, effects and guitar strings, given that electric guitarists are more frequent string purchasers than their acoustic counterparts. 1 1.% 1-Year.19% Retailers and manufacturers alike have been fixated on finding an explanation for the rise in demand for acoustics and the decline for electrics. Some attribute it to a dearth of electric guitar driven rock n roll in the current popular music lineup. Others say that acoustics are more compatible with the restrained national mood. Still others point to the popularity of EDM and compare the current music scene to the early s, when disco temporarily pushed the guitar to the sidelines. Whatever the reason, this is hardly the first time the size and composition of the guitar market has changed. In the five-plus decades since the guitar became the world s most popular instrument, the market has run through at least a half-dozen booms and busts. Those old enough to remember the early s can recount stories of bleak acoustic guitar sales, modest electric sales and a sense that the best days of the guitar 1

11 Music USA market were long past. If the past is any guide, interest in the guitar, particularly electrics, will rebound in the not-toodistant future. 7 Acoustic Guitars. However, some changes in the market are more related to technology than passing musical fads. Most notably, interfaces of varying types that enable a guitarist to plug directly into a computer to record have and will probably continue to adversely impact the sale of amplifiers and effects. As noted previously, the rise in the used market, fueled by Craigslist and ebay, falls particularly hard on the guitar market. Few consumer goods retain their value as well as a guitar, making used instruments especially appealing. in $ millions 1 ' ' ' '7 ' '9 ' x 1,, 1 Summary 1-Year Trend Retail Unit Average Price 1.%.7% 1.%.% -1.%.% Acoustic Guitars category includes banjos, mandolins and other acoustic fretted instruments. Ukuleles.% Market Share Acoustic Guitars.7% Fretted Instrument Strings 1.% Electric Guitars.9% Effects 1.9% Instrument Amplifiers 1.9% in $ millions 7 1 ' ' ' ' ' ' 1 Summary 1-Year Trend Electric Guitars '7 '7 ' ' '9 '9 '1 '1 Retail Unit Average Price -.9% -.7%.% -1.% -.1% 1.% x 1,, Electric Guitars category includes electric basses. 11

12 Fretted Products and Effects, continued in $ billions ' ' ' Total Guitars '7 ' '9 ' x 1,, in $ millions 7 1 '9 '1 Ukuleles x 1,, 1 Summary 1-Year Trend Retail Unit Average Price.9% -.7% 7.7%.% -.1%.7% 1 Summary -Year Trend Retail Unit Average Price -9.% -11.1% 1.1% 11.% 9.% 9.1% Fretted Instrument Strings Instrument Amplifiers in $ millions 1 ' 1 ' ' '7 ' '9 '1 in $ billions 1 1 '9 ' x 1,, ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1. 1 Summary 1-Year Trend Retail -.7%.1% 1 Summary 1-Year Trend Retail Unit Average Price -1.7% -.%.% -9.% -.% -17.% Instrument Amplifiers category includes tube, digital and solid-state amplifiers; amplifier heads; speaker enclosures; and other self-contained amplifiers for guitars, basses and other musical instruments. 1

13 . Music USA in $ billions ' Total Fretted Instruments ' ' '7 ' '9 '1 in $ millions 1 1 ' Rack-Mounted Processors ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail.% -.11% 1 Summary 1-Year Trend Retail -.1% -1.79% Rack-Mounted Processors category includes compressors, limiters, pre-amps, EQs and multi-effects. Multi-Effects Floor Processors Effects Pedals 7 1. in $ millions x 1, in $ millions x 1,, ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1. 1 Summary 1-Year Trend Retail Unit Average Price -1.7% -1.% 7.% 9.% -7.% 1.1% 1 Summary 1-Year Trend Retail Unit Average Price -1.71% -.%.%.% 7.1% 7.% Effects Pedals category includes floor pedal units, tabletop units and other products that incorporate complex processing power

14 Fretted Products and Effects, continued Total Effects The Piano and Organ Market Includes acoustic grand pianos, acoustic vertical pianos, electronic player pianos, digital pianos, and organs. in $ millions 1 1 ' ' ' '7 ' '9 '1 In 1, piano sales were bolstered by significant improvements in the U.S. housing market. As the sale of single-family homes advanced % to. million units for the year, the value of acoustic piano sales increased.9% to $9. million. Unit volumes were down, however. Retail sales of grand pianos advanced.% to 11,7 units, while vertical pianos dropped.% to, units. Electronic player piano unit sales were up.7% to, units. 1 Summary 1-Year Trend Retail -.1%.7% The year was defined by a shift to larger and higher-priced pianos. The 11 to grand piano category saw the biggest gains, increasing 1.% in the year and pushing the average selling price of a grand to $1,. Consumers also opted for larger, higher-quality uprights, as reflected by an increased average selling price of $,. The piano market is actually composed of two distinct segments: institutions and consumers. In the aftermath of the financial crash, the institutional market was by far the more resilient of the two. However, in 1, retailers reported a notable improvement in consumer store traffic and purchases. The improved consumer sentiment was also reflected in increased sales of digital pianos in 1. Digital piano units were up 1.9% to 1, for the year, with retail value edging up.7% due to modest price increases. Consumers have also responded well to new units that include improved computer interfaces, built-in tablet displays in the music desk and enhanced educational software. The organ market continued its downward trend with both home and institutional market segments posting significant declines. The home organ market struggles with an aging customer base and fewer retailers actively stocking and promoting the product. In the case of the church organ market, the financial difficulties in the Catholic church have reduced sales to the nation s largest denomination, while in other denominations the shift toward contemporary music ensembles reduced the market potential. 1

15 Music USA Pianos Market Share Grand Pianos 7.% Digital Pianos 1.% in $ millions Vertical Pianos 1 x 1, Electronic Player Pianos 1.9% Vertical Pianos 1.7% ' ' 1 Summary 1-Year Trend ' '7 ' '9 '1 Retail Unit Average Price -.% -.%.9% -.% -9.7% 1.7% 1 ' ' ' '7 ' '9 '1 in $ millions 1 1 ' ' ' Grand Pianos '7 ' '9 '1 1 1 x 1, in $ millions 1 '9 ' '97 ' Total Acoustic Pianos '9 '99 ' '1 ' ' '7 ' '9 '1 ' ' x 1, 1 Summary 1-Year Trend Retail Unit Average Price.%.%.9% -.1% -.% 9.9% 1 Summary 1-Year Trend Retail Unit Average Price.9% -.91%.17% -1.% -.7%.% 9 7 1

16 1 1 The Piano and Organ Market, continued 9 Digital Pianos Electronic Player Pianos in $ millions ' ' ' '7 ' '9 ' x 1, in $ millions ' ' ' '7 ' '9 ' x 1, 1 Summary 1-Year Trend Retail Unit Average Price.7% 1.9%.1% -1.% 9.9% -9.7% 1 Summary 1-Year Trend Retail Unit Average Price 1.7%.7%.% -.9% -.% 7.% Total Pianos in $ millions ' '9 ' ' ' '7 ' '97 '9 '99 ' '1 ' ' ' ' '7 ' '9 '1 '9 ' ' 1 Retail Unit Average Price 1 Summary.%.%.7% 1-Year Trend -.% -1.7% -17.% Total Pianos category includes grand pianos, vertical pianos, electronic player pianos and digital pianos. x 1, '9 '97 '9 '99 ' '1 ' ' ' 1

17 Music USA Organs Market Share 7 Institutional Organs. Institutional Organs.% Home Organs 1.% in $ millions x 1, ' ' ' '7 ' '9 '1. 1 Summary 1-Year Trend Retail Unit Average Price -.% -9.9% 7.1% -.% -.%.1% Home Organs Total Organs in $ millions 7 1 ' ' ' ' 1 'Summary ' '7 1-Year Trend '7 ' '9 ' Retail Unit Average Price. ' '9 '1 -.% -.7%.7% -79.% -1.% 9.9% x 1, in $ millions ' ' ' '7 ' '9 '1 Retail Unit Average Price 1 '9 Summary '97 '9 '99-1.%' -19.7% '1 ' 11.7% ' ' 1-Year Trend -.17% -77.%.7% x 1, ' ' ' '7 ' '9 '

18 The School Music Market Includes woodwind instruments, brass instruments and stringed instruments. Market Share Unit shipments of woodwinds, brasswinds and orchestral strings declined.9% to 911, in 1, mirroring the slight decrease in K 1 enrollments, as tabulated by the United States Census. (National K 1 enrollment for the 1 school year was. million, versus.1 million in 1.) The retail value of the shipments advanced 1.7% to $. million, reflecting a combination of modest acrossthe-board price increases and higher sales of step-up instruments. Woodwind Instruments.% Stringed Instruments 17.% Brass Instruments 7.1% The scale of shipments reflects the resilience of school music programs across the country. Despite ongoing concerns about budget cutbacks and retrenchment, unit shipments indicate that national participation levels have remained unchanged over the past decade. As one manufacturer put it, As long as parents are interested in enriching the lives of their children, we have a market for our products. During the year, shifts in the product mix actually had a more significant impact on revenues than budgetary challenges. Stronger relative performance of higher-priced saxophones drove a revenue increase. Sales of background brass increased in large part due to rebounding state and local budgets. in $ millions 1 1 Brass Instruments 1 1 x 1, ' ' ' '7 ' '9 ' Summary 1-Year Trend Retail Unit Average Price.% -.7% 9.7% 1.9%.7% 11.% ' ' ' '7 ' '9 '1 1

19 Music USA Woodwind Instruments Total Wind Instruments in $ millions 1 1 ' ' ' '7 ' '9 '1 1 1 x 1, in $ millions 1 ' ' ' '7 ' '9 '1 7 1 x 1, 1 Summary 1-Year Trend Retail Unit Average Price.% -.%.9% 11.% -9.%.% 1 Summary 1-Year Trend Retail Unit Average Price.7% -.%.9% 1.9% -.% 1.% Total Wind Instruments category includes brass and woodwind instruments. 1 7 in $ millions '9 ' '9 ' Stringed ' ' Instruments ' '7 ' '97 '9 ' '7 '99 ' ' '9 '1 ' '1 '9 ' '1 1 1 ' x 1, in $ millions 7 1 ' ' ' Total School Music '1 ' ' ' '7 ' '9 '1 ' 1 1 x 1, 1 Summary 1-Year Trend Retail Unit Average Price -.9% -9.%.%.1%.%.7% 1 Summary 1-Year Trend Retail Unit Average Price 1.71% -.9%.1% 1.7% -.7% 17.9% ' ' ' '7 ' '9 '1 19

20 The Pro Audio/Sound Reinforcement Market Includes speaker enclosures, power amplifiers, mixers, cables, and microphones. The combination of improved economic conditions and advancing technologies made the sound market one of the industry s best-performing segments in 1. The combined retail value of loudspeakers, mixers, microphones and cables advanced.9% to nearly $1. billion compared with $1.9 billion in 1. Manufacturers and retailers reported that houses of worship, educational institutions and performance venues of varying scales increased their spending on sound systems in 1. Speaker Enclosures.1% Market Share Powered Mixers.% Cabled Microphones.% Wireless Microphones 9.% Non-Powered Mixers 1.% Power Amplifiers 9.% Cables 11.% Because sound systems wear out, there is an ongoing replacement market that provides a sales baseline. However, improved technologies, particularly in the form of digital mixing consoles with remote capabilities, apparently accelerated the replacement cycle last year. The ability to remotely control speakers and power sources used to be limited to ultra-high-end installations. The fact that it s now available on even small systems has prompted buyers to step up to new digital mixers and DSP-equipped loudspeakers. Power Amplifiers Sales of powered mixers continued to wane due to the utility of powered speakers. At the same time, mixer and loudspeaker sales advanced, reflecting the strength of the market. The fascination with retro that continues to drive the instrument market has also spilled over into the sound market, particularly in microphones. An affinity for mics that, in the words of ad copy writers, capture the classic, warm, vintage sound but provide modern performance, help explain why mic sales advanced.% to $1 million in retail value. in $ millions 1 1 ' ' ' '7 ' '9 '1 1 x 1, 1 Summary 1-Year Trend Retail Unit Average Price.% 1.%.% -.% -.9%.11%

21 Music USA Powered Mixers Non-Powered Mixers in $ millions 1 ' ' ' '7 ' '9 ' x 1, in $ millions ' ' ' '7 ' '9 '1 1 1 x 1, 1 Summary 1-Year Trend Retail Unit Average Price 1.1% -.1%.9% -.% -.%.77% 1 Summary 1-Year Trend Retail Unit Average Price 1.7%.%.% -.9% 1.7% -1.1% in $ millions Speaker Enclosures ' ' ' '7 ' '9 '1 1 1 ' ' ' '7 ' '9 '1 '9 '97 '9 '99 ' '1 ' ' ' in $ millions '9 ' '97 ' Cables '9 '99 ' '1 ' ' '7 ' '9 '1 ' ' 1 Summary 1-Year Trend Retail.% 1.% 1 Summary 1-Year Trend Retail.% 1.9% 1

22 Pro Audio/Sound Reinforcement, continued Cabled Microphones Wireless Microphones 1 in $ millions 1 1 in $ millions 1 1 ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail.% 1.7% 1 Summary 1-Year Trend Retail.%.19% Data represents estimates of only those microphones sold by the approximately, MI retailers in the United States, and excludes products aimed at broadcast markets. Total Microphones 1. Total Sound Reinforcement in $ millions 1 in $ billions ' ' ' '7 ' '9 '1. ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail.1% 1.% 1 Summary 1-Year Trend Retail.%.7% All data represents an estimate of sound reinforcement products sold by the approximately, MI retailers in the United States. Excluded from data are sound products for the cinema, tour sound, broadcast and large fixed-installation markets. Data includes non-powered mixers, power amplifiers, powered mixers, speaker enclosures, cable, cable microphones and wireless microphones.

23 Music USA The Percussion Market Includes drum kits, educational percussion, individual drums and hardware, sticks and mallets, cymbals, heads, and hand percussion. The retail value of percussion products declined.% in 1 to $1. million. A widely aired General Motors television spot provided a succinct explanation for the downturn. In the ad, a harried couple flees to the quiet of their new Chevy Impala to escape the racket caused by their son, an aspiring drummer who practices constantly. This desire for sound control has taken a toll on drum kit sales, down 11.% in units in last year, as more buyers have opted for an electronic kit. Players concede there is no substitute for the expressiveness of a traditional kit, but the advantages of being able to practice silently, control volume in a performance venue like a church, or record without the need for numerous microphones, makes electronic kits a compelling alternative. Electronic kits have taken the biggest bite in the entry-level market, which explains why average selling prices of acoustic kits have edged up. The market impact of electronic kits goes beyond just drums. Electronic drummers don t break sticks as often, don t need new heads and don t require as many cymbals, which was reflected in the revenue levels of these other product categories. The two bright spots in the market were in the sale of educational percussion and hand percussion. Stronger institutional budgets led to a.% increase in the sale of mallet instruments, timpani and marching drums. A modest uptick in hand percussion sales was fueled by continued interest in the cajon. in $ millions Drum Heads 9.% ' ' Market Share Drum Kits.% ' '7 Cymbals 1.% Hand Percussion 1.% Drum Kits ' '9 '1 Individual Drums & Hardware 1.% Sticks & Mallets 1.% Educational Percussion 1.% 1 1 x 1, 1 Summary 1-Year Trend Retail Unit Average Price -.% -11.1%.% -.% -7.%.1% 1 1

24 Percussion Products, continued Educational Percussion Cymbals in $ millions 7 1 ' ' ' '7 ' '9 '1 in $ millions ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail.% 7.7% Educational Percussion category includes timpani, marching percussion, mallet instruments, snare drum kits and orchestral percussion instruments. 1 Summary 1-Year Trend Retail -.% -1.1% Individual Drums and Hardware Sticks and Mallets in $ millions 7 1 in $ millions 1 ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail -.% -.9% Individual Drums and Hardware category includes individual snare drums, tom-toms and bass drums for drum kits, along with pedals, stands, and related percussion hardware products. 1 Summary 1-Year Trend Retail -.% 1.% Data was corrected for to 1 as the category previously included global totals.

25 Music USA Hand Percussion Total Percussion in $ millions 1 1 ' ' ' '7 ' '9 '1 in $ millions 1 ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail 1.1% -.% 1 Summary 1-Year Trend Retail -.9% -19.7% Drum Heads in $ millions 1 ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail -.% -11.1% Data was corrected for to 1 as the category previously included global totals.

26 The DJ Market Includes CD and digital media players, turntables, DJ mixers, digital DJ controllers, and special effects lighting units. The DJ product category is a catchall that includes both traditional CD players and turntables, as well as a newer 7 generation of software-based controllers. On the strength of a % increase in the sale of digital controllers, a wide range of devices that work in conjunction with software to enable users to manipulate tracks, sales in the category advanced 1%. Sales of CD players continued to trend down, reflecting the transition to software-based systems. in $ millions 1 1 ' ' ' CD Players '7 ' '9 '1 7 1 x 1, ' This new type of music making is rapidly gaining adherents, 1 as evidenced by the millions who attend EDM fests in the U.S. ' ' Some '7have ' gone '9 as '1far as describing this attraction to electronic music as the 1st-century incarnation of the guitar boom. It s new, it s highly accessible and it has nothing to do with their parents generation, said one manufacturer, explaining the appeal. 1 Summary 1-Year Trend Retail Unit Average Price -1.9%.% -1.9% -.9% -1.7% % Market Share 1 Turntables DJ Mixers.% Digital DJ Controllers 1.1% CD Players 1.7% in $ millions x 1, Turntables 7.% Special Effects Lighting 11.9% 7 '97 ''9' '99 ' 1 Summary 1-Year Trend ' '7 ' '1 '9''1 ' ' Retail Unit Average Price.7%.%.% -.% -1.1% -.% 1 ' ' ' '7 ' '9 '1

27 Music USA 1 1 DJ Mixers Digital DJ Controllers in $ millions 1 ' ' ' '7 ' '9 '1 1 1 x 1, in $ millions 1 1 '1 7 1 x 1, 1 Summary 1-Year Trend Retail Unit Average Price.9%.11% 11.7% 9.% -.1%.% 7 1 Summary -Year Trend Retail Unit Average Price.%.7% -.% 17.7%.% -.9% 1 '1 Special Effects Lighting Total DJ Sales in $ millions 1 1 ' ' ' '7 ' '9 '1 in $ millions ' '97 ''9 ''99'7 ' ' '9 '1 '1 ' ' ' '97 '9 1 Summary 1-Year Trend '99 Retail '.77% -9.% '1 ' ' ' 1 Summary 1-Year Trend Retail 1.%.7% A new category, Digital DJ Controllers, was added in 1 and is included in Total DJ Sales. 7

28 The Recording and Computer Music Market (Multi-Track, Software and Computer Music) Includes hard disk multi-track recorders, portable digital recorders, sound cards and related hardware, notation software, recording and sequencing software and plug-in software and loops. the increase in computer-related hardware revenues. Sales of self-contained hard-disk recorders continued to decline given the power and versatility of computer-based systems. Multi-Track In an era of fewer live performance venues and the ability to record and share digital musical files, recording grows increasingly important. And, recording is no longer just about capturing a performance. In the case of EDM, the recording is the performance. Products associated with this category cover a broad spectrum, including a mix of software and hardware. Results varied widely. Recording software, or Digital Audio Workstations (DAWs), saw a decline in revenue, although no decrease in use or interest. That s because of sharp price reductions and the fact that more and more of the software is now being bundled with the sale of hardware. Apple s decision two years ago to slash the price of its popular Logic DAW to $199 from $99 has put pricing pressure on competing products. Additionally, when manufacturers like Behringer take to offering full-featured DAW software with its mixers at no additional charge, it makes it more difficult to sell standalone programs. Sales of stand-alone notation software declined in 1, dropping.% to $1. million. This decline is set to continue, as more and more DAW software incorporates notation capabilities. Plug-ins, which include signal processing effects, 7 tune correction software and mastering programs, used in conjunction with DAWs saw revenues increase, reflecting the burgeoning interest in recording. The sale of loops, which include sounds and musical patterns, also advanced. Computer-related hardware includes in audio interfaces, which enable users to route audio in and out of a computer, and a growing array of hardware designed 1 to trigger and control a computer. These production stations, which are a ' ' ' '7 ' '9 '1 central component for creating EMD tracks, contributed to in $ millions 1 ' ' 1 Summary 1-Year Trend Market Share Portable Digital Recorders.1% ' '7 ' '9 '1 Hard Disk Multi-Track Recorders 1.9% Hard Disk Multi-Track Recorders Retail Unit Average Price -1.7% -1.% -1.1% -.% -.9% -.% 7 1 x 1, x 1,

29 Music USA Recording and Computer Music Market Portable Digital Recorders Market Share in $ millions '7 ' 1 Summary 7-Year Trend '9 '1 Retail Unit Average Price -1.% -.1% -7.%.1%.% -.% Total Multi-Track Sales 1 1 x 1, x 1, Sound Cards & Related Hardware.% Notation Software.% Recording/ Sequencing.% Plug-In Software & Loops.% Sound Cards and Related Hardware in $ millions 1 '9 '97 '9 '99 ' '1 ' ' ' 1 1 x 1, in $ millions 1 1 ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail Unit Average Price -11.7% -.7% -7.%.7% 1.9% -.7% 1 Summary 1-Year Trend Retail.%.% A new category, Portable Digital Recorders, was added in 7 and is included in Total Multi-Track. Sound Cards and Related Hardware category includes sound cards and related input/output devices, digital audio work surfaces (DAWS) and keyboard controllers designed expressly for use with computers. 9

30 Recording and Computer Music Market, continued Notation Software Plug-In Software & Loops in $ millions ' ' ' '7 ' '9 '1 in $ millions 1 1 ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail -.% -1.71% 1 Summary 1-Year Trend Retail 9.1%.% Plug-In Software & Loops category includes signal processing effects, tune correction software and mastering programs. Recording & Sequencing Software Total Computer Music Market in $ millions ' ' ' '7 ' '9 '1 in $ millions 1 1 ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail -.9% -.% 1 Summary 1-Year Trend Retail 1.9% 1.1%

31 Music USA The Electronic Music Market Includes keyboard synthesizers, controller keyboards, electronic pianos, drum machines, and electric percussion instruments. Sales of electronic musical instruments advanced.1% last year, due to strong gains in the keyboard synthesizer market. The retail value of the entire product category was $.7 million in 1, versus $1.7 million in 1. In a broad category that includes synths, controllers, drum machines and percussion instruments, synthesizers were the best performers, with units advancing.1% to, and retail value increasing 1.% to $11.9 million. A wave of new products and a renewed fascination with retro analog synths contributed to the gain. The market also benefited from the ongoing popularity of electronic dance music and all its sub-genres. Sales of electronic percussion products advanced.% to a retail value of $1. million, reflecting their practicality. Consumers increasingly value drums that allow for complete volume control and are easy to record. Sales of keyboard controllers posted the second straight year of decline, as did electronic stage pianos. in $ millions ' ' 1 Summary 1-Year Trend Keyboard Synthesizers ' '7 ' '9 '1 Retail Unit Average Price 1.%.1%.97%.%.9% -.91% x 1, ' ' Market Share Keyboard ' Synthesizers ' ' '7 9.% Rhythm Machines, Production Centers, etc..1% ' '7 ' '9 Electronic Drums.% '1 ' '9 '1 Controller Keyboards 1.% Electronic Pianos/ Professional Organs 9.% in $ millions Rhythm Machines / Production Centers '9 ' '97 ' 1 Summary 1-Year Trend ' '9 '7 '99 ' ' '9 '1 '1 ' ' ' Retail Unit Average Price -.%.71% % -.1% -.77% -1.97% In 1, the Sound Modules and Drum Machines categories were merged to form this new category, Rhythm Machines/ Production Center. 1 1 x 1, 1

32 The Electronic Music Market, continued Electronic Pianos / Professional Organs Electronic Percussion in $ millions x 1, in $ millions 1 ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail Unit Average Price -.% -.7% 1.9% -71.7% -.7% -.% 1 Summary 1-Year Trend Retail.7% 1.% Controller Keyboards Total Electronic Music Sales in $ millions 1 1 '9 '97 '9 '99 ' '1 ' ' ' 1 1 x 1, in $ millions 1 1 ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail Unit Average Price -9.7% -.% 19.%.%.% -.% 1 Summary 1-Year Trend Retail.11% -.1% Starting from 1, Controller Keyboards category includes both under note and - note. Previously, this category only included - note.

33 Music USA The Print Music Market Includes method books, instructional materials, popular folios, and related print music products. The retail value of print music shipments dipped.% to $1. million, compared to $. million in 1. The increased use of digital delivery systems is partly to blame for the decline. However, print sales were also adversely affected by shifts in musical preferences. The increasing numbers who have turned to the EDM genre as a musical outlet don t buy print music like traditional instrumentalists. The prominence of the guitar also hasn t helped; guitarists purchase far less print music than their keyboard counterparts. Declines in popular music offerings were offset somewhat by strong sales of band and orchestral methods for use in schools. The Portable Keyboard Market Ever since they were first introduced in the early s, portable keyboards were billed as the ultimate entry-level musical instrument, a tool that anyone could use to make music. Three decades later, the quality and performance of portables continue to advance, and these instruments still offer a superlative entry-level product. Yet, the retail value of portables in the under-$199 category declined for the third year running, dropping 1.% to $7. million from $. million last year. The best explanation for this downturn is competition from other products. With an average selling price of $99, small portables represent a high value, but less so when compared to keyboard apps available for as little as $.99. In addition, for many younger buyers, making music is more about manipulating loops than mastering basic keyboard skills. Sales of higher-end portables, those retailing for over $, were essentially flat last year at $11. million. These units have become so powerful, they are even used by some professional performers. Printed Music Market Share in $ millions 1 Keyboards Over $199 7.% Keyboards Under $199.% ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail -.% -.%

34 Portable Keyboards, continued Keyboards Under $ ' ' ' '7. ' '9 '1. ' ' '.. ' ' '7 ' Retail Unit Average Price 1 Summary. '9 '1-1.1% -19.%.% 1 Summary 1-Year Trend -7.% -.7% -1.9% 1-Year Trend in $ millions x 1,, in $ millions Total Portable Keyboards '7 ' '9 '1 Retail Unit Average Price -.77% -1.% 1.1% -.9% -.%.17% x 1,, Keyboards Over $199 in $ millions '9 ' '99 ' ' '1 ' ' ' ' '7 ' '9 '1 ' ' 1 1 x 1, '9 '99 ' '1 ' ' ' 1 Summary 1-Year Trend Retail Unit Average Price.% -.1% 9.%.9% -.% 1.9% 1 1

35 Music USA The Karaoke Market Karaoke machines, excluding those sold through mass merchants, edged up.% to $1. million in 1. Manufacturers attribute the gain to the continued popularity of vocal talent television shows like The Voice. Every mother thinks their daughter is a singing star, said one supplier. This year we discontinued the tracking of karaoke software because it has largely migrated from the retail environment to digital downloads. The General Accessory Market There were 1, exhibitors at the most recent NAMM Show, and by our count, close to a third were offering some type of accessory, be it a case, stand, strap, pick, cleaning tool or tuner. The creative energy of this small army of accessory entrepreneurs helped drive a.% gain in general accessory sales the last year. Aside from sale or discount, retailers favorite word is new, and accessory makers more than delivered, with a bumper crop of new items. The broad accessory category may be composed of smallticket items, retailing for under $1, but it adds up to big bucks, contributing $1. million to the industry s retail revenues. The contribution to retail gross profit is even more significant given the high profitability of most accessory items. 1 Karaoke Machines 1. General Accessories in $ millions x 1,, in $ millions 1 ' ' ' '7 ' '9 '1. ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail Unit Average Price.% 7.9% -.9% -9.7% -9.% 7.99% 1 Summary 1-Year Trend Retail.% 9.97% General Accessories category includes a wide variety of accessory products, including instrument care products, metronomes, tuners, polishes, reeds, stands, cases, bags, straps, lighting equipment, pickups and specialty instruments like recorders, accordions and harmonicas.

36 Music and Sound U.S. Industry Summary The purpose of the following data is to provide a review of the 1-year trend of music products activities in the U.S. music industry. The data comes from information gathered by The Music Trades magazine over the past decade. Imports and Exports The import and export statistics are provided by the U.S. Census Bureau and offer a snapshot of U.S. music products import and export activities. This section also provides an overview of the countries where U.S. music products were exported, and the countries the United States imported music products from in 1.

37 Music USA U.S. Industry Summary (in millions of dollars) Segment Acoustic Guitars $ $7 $ $1 $7 $91 $19 $ $ $ Acoustic Pianos $ $1 $9 $ $ $1 $7 $91 $ $9 Cables $11 $1 $11 $17 $19 $1 $17 $19 $1 $1 Computer Music Products $1 $ $ $ $ $1 $ $ $ $ Digital Pianos $1 $17 $1 $1 $11 $1 $1 $17 $19 $1 DJ Gear $1 $1 $1 $11 $1 $ $1 $11 $1 $19 Electric Guitars $9 $ $ $ $ $9 $ $ $ $7 Electronic Player Pianos $1 $1 $1 $11 $1 $ $ $ $ $ Fretted Instrument Strings $1 $1 $1 $17 $17 $17 $1 $19 $19 $1 General Accessories $9 $17 $ $ $ $ $ $1 $ $11 Home Organs $7 $7 $ $9 $ $ $ $19 $1 $1 Institutional Organs $7 $ $ $9 $ $9 $ $ $ $9 Instrument Amplifiers $7 $97 $ $77 $ $ $ $1 $19 $19 Karaoke Products $1 $1 $1 $9 $1 $1 $19 $1 $1 $1 Keyboard Synthesizers $1 $11 $11 $1 $11 $97 $1 $1 $99 $11 Microphones $1 $7 $9 $7 $ $9 $ $7 $7 $1 Multi Track Recorders* $ $ $9 $97 $9 $9 $9 $1 $1 $9 Other Electronic Products $1 $11 $19 $11 $11 $9 $11 $11 $19 $17 Percussion $7 $1 $19 $97 $ $ $1 $ $97 $ Portable Keyboards $ $ $19 $1 $17 $1 $1 $19 $1 $17 Printed Music $9 $7 $ $9 $9 $ $ $ $7 $1 Rhythm Machines $1 $1 $1 $11 $1 $9 $ $9 $ $7 Signal Processing $1 $ $19 $ $7 $9 $ $1 $ $ Sound Reinforcement $9 $919 $ $9 $19 $ $717 $7 $7 $79 Stringed Instruments $ $11 $11 $11 $9 $1 $ $17 $11 $19 Ukuleles $ $ $ $77 $7 Wind Instruments $1 $7 $ $1 $1 $ $7 $ $7 $ Industry Total $7,17 $7, $7, $7,9 $7,7 $, $, $, $,7 $, *Multi-Track Recorders includes a new category, Portable Digital Recorders, as of 7. 7

38 U.S. Industry Summary Sold (in thousands) Segment Acoustic Guitars 1,19 1,1 1,9 1, 1,1 1,19 1, 1,1 1,7 1, Acoustic Pianos 7 7 Digital Pianos DJ Mixers Drum Kits Electric Guitars 1, 1,9 1,1 1, 1, 1,1 1,17 1,1 1,1 1,11 Electronic Player Pianos Home Organs 9 7 Institutional Organs Instrument Amplifiers 1,79 1,1 1,9 1,11 1, Karaoke Machines 1, Keyboard Synthesizers Multi Track Recorders* Portable Keyboards 1, 1,9 1,1 1,1 1,1 1,7 1, 1,19 1,7 91 Rhythm Machines 9 1 Signal Processing 1, 1,991 1,9 1,9,9 1,777 1, 1,79 1,7 1,9 Stringed Instruments Ukuleles ,7 9 Wind Instruments *Multi-Track Recorders includes a new category, Portable Digital Recorders, as of 7.

39 U.S. Industry Summary in $ billions 7 1 Industry Total 1 GDP Per Capita (in thousands of Dollars) ' ' ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1 1 1.% 1-Year.19% 1-1.7% 1-Year 1.7% Source: CIA Factbook 1 1 ' ' Music Sales Per Capita (in Dollars) ' '7 ' '9 '1 GDP Per Capita (in thousands of $) GDP Per Capita and Music Sales Per Capita 1 ' ' ' '7 ' '9 '1 1 Music Sales Per Capita (in Dollars) % 1-Year 1.9% Source: The Music Trades GDP Per Capita Music Sales Per Capita Source: The Music Trades 1 9

40 in $ millions 1 ' ' ' Acoustic Pianos '7 ' '9 '1 in $ millions ' ' ' Digital Pianos '7 ' '9 '1 Cables DJ Products 1 1 in $ millions in $ millions 1 1 ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1 * A new category, Digital DJ Controllers, was added in 1 and is included in Total DJ Products. Computer Music Products Drum Kits in $ millions 1 1 ' ' ' '7 ' '9 '1 in $ millions ' ' ' '7 ' '9 '1

41 U.S. Industry Summary Signal Processing General Accessories in $ millions 1 1 in $ millions 1 ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1 Electronic Player Pianos Instrument Amplifiers 1 1 in $ millions 1 1 ' ' ' '7 ' '9 '1 in $ millions 1 1 ' ' ' '7 ' '9 '1 Fretted Instruments Karaoke Machines in $ billions ' ' ' '7 ' '9 '1 in $ millions ' ' ' '7 ' '9 '1 1

42 Keyboard Synthesizers Organs 1 1 in $ millions 1 1 in $ millions ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1 Microphones Other Electronic Products 1 in $ millions 1 in $ millions 1 1 ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1 Multi-Track Products Percussion 1 in $ millions 1 in $ millions 1 ' ' ' '7 ' '9 '1 * A new category, Portable Digital Recorders, was added to Multi-Track Recorders in 7 by The Music Trades. ' ' ' '7 ' '9 '1

43 U.S. Industry Summary Portable Keyboards 1. Sound Reinforcement in $ millions 1 1 in $ billions ' ' ' '7 ' '9 '1. ' ' ' '7 ' '9 '1 Printed Music Stringed Instruments 1 in $ millions 1 in $ millions 1 7 ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1 1 Summary 1-Year Trend Retail -.% -.% 1 Rhythm Machines / Production Centers Wind Instruments in $ millions 1 1 in $ millions 1 ' ' ' '7 ' '9 '1 ' ' ' '7 ' '9 '1

44 U.S. Imports of Music and Sound Products 1 Data Description Commodity Code Quantity Value Single Loudspeakers, Mounted In Their Enclosures 11,79,1,9,1 Multiple Loudspeakers, Mounted In the Same Enclosure 1,1,7 1,19,,77 Headphones, Earphones, Microphone/Speaker, Nesoi* 1 1,, 1,,1,19 Audio Frequency Electric Amplifiers, Nesoi* 1 1,1,9 19,,17 Upright Pianos ,99,1,77 Grand Pianos ,7 79,, Harpsichords and Other Keyboard Stringed Instruments, Nesoi* ,1 Stringed Musical Instruments Played with a Bow 91,7,77,9 Guitars Under $1, Excluding the Value of the Case 99 1,71,7,1,9 Guitars, Nesoi* 99,11 7,11,9 Stringed Musical Instruments, Nesoi* 99 99,,7,1 Brasswind Instruments Valued Not Over $1 Each 91,9 1,77 Brasswind Instruments Valued Over $1 Each , 1,99,77 Keyboard Pipe Organs 991,9,17 Keyboard Instruments, Nesoi* 991, 19,9 Piano Accordions 991,1,, Accordions, Nesoi* 991 7,,,19 Mouth Organs 9919, 9,1,71 Bagpipes 99 1,9, Clarinets 99 9,77,7,7 Saxophones 99 91,99,7,19 Flutes and Piccolos (Except Bamboo) ,1 1,9, Woodwind Instruments, Nesoi* 99,,9 11,,19 Wind Instruments, Nesoi* 99 99,7 1,1,7 Drums 9 1,,7,9, Cymbals 9, 17,9, Sets of Tuned Bells, as Chimes, Peals or Carillions 9 7, 7,1, Percussion Musical Instruments, Nesoi* 9,1,1,,1 Musical Synthesizers (Under $1 Each) 971,,1,1 Musical Synthesizers ($1 or Over Each) 9711,7,1, Keyboard Instrument (More Than 1 Keyboard Under $) 971 1,91, *Nesoi: Not Elsewhere Specified Or Indicated. Source: The U.S. Census Bureau, 1

45 U.S. Imports and Exports U.S. Imports of Music and Sound Products 1 Data Description Commodity Code Quantity Value Keyboard Instrument (More Than 1 Keyboard $ or Over) 971,11,,1 Keyboard Instrument (More Than 1 Keyboard Hand-Held) 971, 1, Keyboard Instrument Except Accordions (1 Keyboard Under $1) , 1,9,17 Keyboard Instrument Except Accordions (1 Keyboard $1 or Over) 9717, 1,, Fretted Stringed Instruments 979 1,, 19,,7 Musical Instruments, Electrically Amplified, Nesoi* 979,7 1,9, Music Boxes 91,91,,117, Other Musical Instruments 99 1,9, Mouth-Blown Sound Signalling Instruments, Nesoi* 99 9,,1 11,1,99 Musical Instrument Strings 99 11,1,,, Tuning Pins for Pianos 9991,,191 Parts and Accessories for Pianos, Nesoi* ,,7 Mutes, Stands and Music Holders of Stringed Instruments 999 -,,1 Tuning Pins for Stringed Instruments 999,7,1, Parts of Bows, Chin Rest and Parts for Instruments Played with Bow 999-1,9,1 Parts and Accessories for Stringed Instruments, Nesoi* 999-1,9, Collapsible Keyboard Instrument Stands 999 -,91,71 Other Parts and Accessories for Keyboard Instruments 999 -,19, Metronomes, Tuning Forks and Pitch Pipes ,7,79 Mutes, Pedals, Dampers, and Spurs for Drums Pedals ,71,1 Parts and Accessories for Pipe Organs ,, Parts and Accessories for Harmoniums and Similar Keyboard Instruments , Parts and Accessories for Bagpipes ,19, Parts and Accessories for Woodwind Instruments ,17,1 Parts and Accessories for Other Wind Instruments ,,7 Mechanisms for Music Boxes , Parts and Accessories for Musical Instruments, Nesoi* ,97,7 1 1 Difference % Change Import Values $,,,99 $,91,7,91 +$7,,9 +.% Export Values $1,9,, $,,797,9 $11,,.% *Nesoi: Not Elsewhere Specified Or Indicated. Source: The U.S. Census Bureau, 1