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Analyst report highlights ‘risky’ Gibson tactics

Ronnie Dungan by Ronnie Dungan
December 3, 2015
in MMR Global
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MI companies are trying various approaches to boost growth in the mature US market, says a Moody’s Investors Service report, with Gibson’s tactics highlighted as the most risky.

The new report from the financial analyst, the snappily-titled US Consumer Durables: Faced With Modest Growth, Musical Instrument Companies Try a New Tune, says growth has been modest for Fender, Gibson Brands and Steinway and will remain challenged by low growth in the population of people below the age of 30, the most frequent consumers of musical instruments, according to the firm’s latest intelligence.

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Gibson has relied on acquisitions of consumer electronics companies, and Moody’s expects the company to continue with this approach. The company also plans to introduce Gibson-branded products, such as headphones, according to the report.

Meanwhile, Fender is tying a different tack, building web-enabled applications and collecting fees from connecting consumers to other music-related services, such as guitar lessons. And Steinway will expand its retail operations and its “All-Steinway Schools” program, which establishes exclusive relationships with high schools and colleges.

“Gibson’s approach is the riskiest, but also has the possibility of the greatest top-line expansion,” said Kevin Cassidy, a Moody’s Vice President and Senior Credit Officer. “It lowers operating margins, requires constant product innovation and entails a greater degree of demand uncertainty as consumer tastes for consumer electronics shift rapidly.”

Steinway’s approach also entails some risk because it involves leasing more retail space, while Fender’s is the most balanced because it draws on the company’s core competencies without adding much risk.

You can purchase the full report here.

Tags: FenderGibson BrandsMoody Investor ServiceSteinway Musical Instruments
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