Per a recently published report from The Brainy Insights (a somewhat silly name, I’ll grant you, but a trusted resource), the global MI market is poised to expand from $11.8 billion in 2022 to $16.17 billion by 2032, at a CAGR (compound annual growth rate) of 3.2 percent during the next decade.
That healthy growth rate is being driven, in large part by a return to live performances, post-pandemic. While many are discussing and struggling with navigating what’s commonly being termed “the new normal,” this report suggests that we may actually be seeing a return to “the old normal,” in that respect – a welcome boost and a decided shift in behaviors from the past few years:
The growth and development within the music industry is anticipated to have a positive impact on the market growth. Live performances persist to be an essential aspect of the music industry. Live music experiences are cherished by audiences worldwide, whether it’s a rock concert, a symphony orchestra or a solo recital. Amateur and professional musicians seek high-quality instruments to deliver mesmerizing performances that resonate with their listeners. This need for live-performance instruments encourages innovation in instrument design, amplification, and sound projection technology.
An eagerness to get out of the house, attend shows, and perform live music in the post-COVID world is perhaps unsurprising given the confining realities of lockdowns and is certainly good news for the MI industry, venues, and all related business ventures.
One person who has long understood the unique appeal and vital importance of providing spaces for live music performance is “Small Business Matters” columnist Menzie Pittman. A decade ago, Pittman and his team at Contemporary Music Center in Virginia took on the ambitious task of launching an in-store “club,” @4410. In the subsequent years, the venue has hosted numerous open mic nights, song writing classes, master classes, and recitals. These opportunities for musicians of all ages to listen to and perform music together have been fundamental in fostering a sense of community and enhancing interest in the act of learning and making music. It was by no means a sure thing, however.
“By most standards, it was a very risky proposition because it meant committing to an idea that was different from the industry’s norm,” Pittman shares on page 21 of this issue. “Resources had to be redirected to an untried and un-proven proposition, but if our instincts proved right, we could have a huge impact on the local music industry. @4410 took a full year to build, and most folks thought we were crazy – and in some ways they were right.”
The gamble has paid off, however, with @4410 now a thriving and essential part of CMC’s business model. Beyond that, Pittman has seen this undertaking yield truly impressive results for the program’s alumni. In addition to former staffers engineering records for the likes of Taylor Swift and past students going on to open their own music schools, some – such as Snarky Puppy founder Michael League – occasionally return to their old digs for impromptu performances. “We think it’s fair to say that @4410 has proven to change lives in a very positive way allowing more students to experience the joys of participating in live performances, and the ability to hone their music skills in front of a live audience,” offers Pittman. “You can’t do that online!”
You certainly can’t!
Here’s to a robust return to live performances and to the inspired folks in MI retail, such as Menzie Pittman, who understand the great value of those musical events – in profound ways that go beyond simply what can be monetized (although that profitable byproduct surely doesn’t hurt)!
