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Market Overview

Musical Instruments and Equipment

In 2024, Music Trades estimated the global market for new music products in 2023 to be $18.1 billion of which an estimated 35% ($6.4 billion) was online (2021: 32%). The European market was estimated to be growing at 1.2% per annum with the overall global market declining at 2.9% albeit sales levels still higher than pre-pandemic levels.

In 2024, Music Trades also estimated that the ‘Top 50 Global Online Retailers’ were growing at 0.9% per annum with Gear4music ranked the sixth largest global online retailer and the second largest in Europe.

Top European Markets

The top 10 European retail markets for musical instruments and music equipment (including the UK) are worth an estimated £5.0 billion and are undergoing a shift towards online retail.

Country	Estimated Market Size (£m)*
Germany	1,410
France	1,018
UK	888
Italy	683
Netherlands	238
Austria	214
Spain	195
Switzerland	166
Sweden	127
Norway	97
Total Size	5,036

*Management estimate

Acquisitions

The Board maintains its view that the dynamics of the competitive landscape continue to present a consolidation opportunity, a view that has been substantiated by FY26 developments:

In April 2025, Gear4music acquired stock and certain intangible assets from the Administrators of GAK.co.uk Ltd and The Guitar, Amp & Keyboard Centre Ltd (together, “GAK”). In their financial statements for the year ended 30 September 2023 GAK reported turnover of £21.4 million; and
In June 2025, Gear4music acquired stock and certain intangible assets from the Administrators of Jamm Co 2019 Ltd and its subsidiaries including S&T Audio Limited trading as ‘PMT Play Music Today’, an omni-channel musical instruments retailer based in the UK. Music Trades estimated that S&T Audio Limited was the UK’s fourth largest retailer of musical instruments and equipment with a reported turnover of £43.0 million in its financial statements for the year ended 30 April 2024.

AV.com addressable market

Management estimates the addressable European market size to be £2.7 billion.

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A man playing guitar on stage with a microphone and keyboard in front of him, moody colourful lighting