NAMM Releases Music USA 2003; Kicks Off Annual Summer Trade Show in Nashville
NAMM, the International Music Products Association, today released the 2003 version of Music USA, the association’s annual statistical review of the musical instruments and products industry, as thousands gathered in Nashville, Tenn., for the start of NAMM’s 2003 Summer Session trade show.
According to Music USA, music products industry sales in 2002 increased 1.5 percent to $6.97 billion with many major product categories posting significant gains. This number falls short of 2000’s record of $7.1 billion, but marked the second-best year in the industry’s history.
These encouraging sales figures come at a time when making music is an extremely popular American pastime. According to a recent Gallup poll, 54 percent of American households have at least one person who plays a musical instrument, an increase from 50 percent recorded in the 2000 Gallup poll.
The release of Music USA coincides with the opening of the association’s Summer Session, which runs today through July 20 at the Nashville Convention Center and adjoining Gaylord Entertainment Center. With more than 500 exhibiting companies and thousands of retail buyers, the show is expected to attract more than 20,000 attendees from around the world and is open to members of the international music products industry and media who cover musical instruments and products. This year marks the 11th NAMM Summer Session in Nashville.
“The fact that there was an overall increase in music products industry sales is very encouraging in an economy where many other industries are struggling,” said Joe Lamond, president and CEO, NAMM.