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Market Overview

Musical Instruments and Equipment

In 2025, Music Trades estimated the global market for new music products in 2024 to be $17.8 billion of which an estimated 36% ($6.4 billion) was online (2021: 32%). The European market was estimated to be flat overall with the overall global market declining at 1.6% albeit sales levels still higher than pre-pandemic levels.

In 2025, Music Trades also estimated that the ‘Top 50 Global Online Retailers’ were growing at 1.6% 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	1,397
France	1,035
UK	873
Italy	661
Netherlands	243
Austria	205
Spain	204
Switzerland	166
Sweden	127
Norway	96
Total Size	5,007

*Management estimate

Acquisitions

The UK market experienced a period of consolidation in FY26 with the insolvencies of PMT, GAK, Music Matter and Kenny's Music. These exits are estimated to have released approximately £70m of annual revenue, creating a significant market share opportunity for the remaining participants.

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.

The Board believes that the dynamics of the European competitive landscape also present a consolidation opportunity.

AV.com addressable market

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

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