Lundinke News: The Vital Role of Local Guitar Shops in Community Life

Local guitar shops often serve as cultural hubs within their communities

LOS ANGELES, July 17, 2024 /PRNewswire/ --

Global Guitar Sales

Globally, guitar sales have shown significant growth. In 2019, the market was valued at approximately $8 billion, which increased to around $9.2 billion in 2020—a 15% rise within a year. This growth was partly driven by a surge in interest during the COVID-19 pandemic as many people took up new hobbies, including learning to play the guitar. By 2021, global sales reached $10 billion, marking an 11.4% increase from the previous year. This trend continued with modest growth, leading to a market value of $10.07 billion in 2022 (Music Strive) (Fundera).

U.S. Guitar Sales

In the United States, the guitar market experienced similar trends. In 2020, guitar sales in the U.S. amounted to $1.67 billion, up 6.4% from 2019. This included various types of guitars, such as acoustic, electric, and bass guitars. The number of guitars sold also increased, with 2.7 million guitars sold in 2020. Since then, U.S. sales have continued to grow, with an annual increase of approximately $100 million (Music Strive).

Economic Impact on Local Shops

Local guitar shops have benefited from these trends, though they face unique challenges. Small businesses, including guitar shops, typically see varied revenue streams. For instance, small businesses with no employees had an average annual revenue of $46,978, while those with employees averaged significantly more, depending on their size. In general, small businesses with fewer than five employees earned an average of $387,000 annually, while those with 20 to 99 employees averaged $7,124,000 (Fundera).

The last five years have been prosperous for the guitar industry, with significant growth in both global and U.S. markets. Local guitar shops have seen increased revenues, driven by a rise in new guitar players and sustained interest in music. However, the economic impact varies widely based on the size and scope of these businesses.

THIS story and more can be found at Lundinke News:

• Expert Podcasts: Weekly sessions with music industry experts focused on refining techniques and sharing secrets that propel guitarists forward.
  
  
• Chat (NEW):  This acts as a real-time community chat group for daily positive concise ideas, new products.  This is a great networking tool for students.  Users can include videos, concert info, etc. Anything applicable to events and the academia world.
  
  
• Masterclass Series: Insights from celebrated guitarists unravel the skills and strategies that lead to their success, offering a roadmap for students aspiring to similar heights.
  
  
• AMPLIFY (formerly 10X Your Play): Each edition dives into specific strategies to broaden and deepen understanding of the guitar community, enhancing both foundational and advanced skills.
  
  
• Arts & Entertainment Insights: Features on how the guitar shapes arts and entertainment, spotlighting major events like the NAMM show.
  
  
• Business Meets Music: Our "@TO" segment connects music theory with business acumen, preparing students to successfully navigate the music industry or any industry for that matter.
  
  
• Community Connection: Opportunities to engage with a broader network of guitarists and music venues, encouraging collaboration and growth.
  
  
• NERD (NEW): offers New products and news in the music industry, Experiment ideas provided by our community of Luthiers and DIYers, Reviews and guitar Demos. Lundinke does NOT receive any compensation for any introductions or manufacturers featured herein.
  
  
• Lundinke Music Magazine (NEW): Introducing new and the hottest players around the world with their tools of the trade and concert dates.  In addition, we will be adding blueprint and guitar designs in future editions.
  
  
• Sunday Strings (NEW): Bringing back the nostalgia of the section of a Sunday newspaper consisting of material other than news and usually including pictures, comic strips, and lighter topics often sensational reading matter

SOURCE Lundinke