MUMBAI: The Music Expo 2013 has re-established its stature as a premier trade fair for the country’s musical instrument (MI) industry, attracting global brands and 5,000 visitors, organizers have said. The Rs 340 crore domestic musical instruments (MI) market broadly comprises of domestic producers and manufacturers who account for 65 percent of the market and foreign brands with a 45 percent share.
In a released review document of the Expo held from 30 May-1 June, shared with Radioandmusic.com, organizer Palm Expo said since its first show in 2001, the Music Expo has grown in stature every year, establishing itself as the premier and most ideal trade fair for the musician and MI industry in India. The exposition has also garnered tremendous support from Indian Music Merchants Association (IMMA), Musicians Federation of India (MFI), Music Composers Association of India (MCAI), Cine Musicians’ Association (CMA), and China Musical Instrument Association (CMIA).
This year’s Palm Expo, which included the sound & light exhibition with Music Expo, registered a total of 10,418 unique visitors during three days which is a 33 percent increase from last year.
Music Expo itself attracted 5000 unique visitors at the event.
According to official reports the exhibit floor featured over 100 exhibitors, with a significant rise in the number of new exhibitors and over 16000 visitor registrations over the three days of the show.
“There was a drop in Music Expo visitors from 8,259 as compared to last year because of our intention to substantially bring down the Music Expo registrations of general visitors as per exhibitors demand. We achieved our motive to deliver only Trade visitors which worked wonders for the Music Expo in order to give a fillip to our exhibitors efforts to drive business at the show floor,” parent company Diversified Communications said.
This year’s Expo boasted participation from global brands across verticals- Akai, Gibson, Dunlop, Faith, Fender, Gator, D’Addario, GB&A, Hartke, Ibanez, Korg, Mapex, Dimarzio, Godin, Hercules, Jackson, Laney, Meinl, Mukund Flutes, Muzik Lounge, Mx, Numark, Orange, Paiste, Pearl, Selmer, Taylor, Vic Firth among others and strong presence of Indian names like Furtados and Bhargava’s. This year also had a special ‘Piano Floor’ dedicated to all piano enthusiasts and space for traditional Indian musical instruments.
The first two days of the show were reserved as “Trade Days” while the third day was open to all visitors. This was an initiative by the organizers to primarily ensure that the noise levels were maintained during the first two business days of the Expo.
A market study by Diversified Communications expects MI market to reach $96 million by 2017.
Though the domestic manufacturers have a 65 percent market share, consumers give a preference for the more expensive but better build instruments which have a 45 percent share in a market that is growing at 12-15 per cent for the next 2-3 years and expected to touch Rs 500 cr by 2017.