The music product market - additional information
The music product market consists of equipment that either creates or facilitates the creation or recording of music. It is a very extensive market with products including musical instruments, tuners, recording devices, electronic instruments, sheet music, music stands, amplifiers, sound mixers and much more. In 2015, the United States was the largest market for music product purchases; with over quadruple the sales of Japan, the world’s second largest market. In the same year, the United States was also the leading country in terms of spend per capita on music products, closely followed its North American neighbor Canada.
Although the United States is the largest country in terms of global music product sales, Japan is home to the largest music product company in terms of revenue, Yamaha Corporation. Founded in 1887 as a piano and reed organ manufacture, today Yamaha Corporation primarily makes musical instruments, electronic devices and audio equipment. The company also used to be involved in the production of motors until 1955 when the Yamaha Motor Company established itself as an individual company.
The second largest company in the world is the American company Gibson Brands Inc. The company was founded in 1902, and today is headquartered in Nashville, Tennessee. The brand is well-known for its guitars which include acoustic and electric among other string instruments. In 2014, Gibson ranked as the second largest music product company in terms of number of employees worldwide, once again behind Yamaha.