China’s piano boom just went bust
NewsEstimates vary, but when I was last in China there were between 40 and 60 million children receiving private piano lessons and the sound of Chinese-made pianos could be heard from every Shanghai tower block.
No more, according to the independent website Think China:
China’s once-thriving piano industry is now in an unprecedented dilemma. The piano, once a staple in households, has become a redundant object.
Since the second half of 2022, the Chinese piano industry has been shrouded in dark clouds. Weak market demand, worsening inventory pressure, declining birth rates, the “double reduction” policy (reducing the burdens of homework and after-school tutoring) and other factors have led to a decline in the development of the entire industry.
The most direct sign of this trend is the bleak performance by the only two piano companies listed on the A-shares market, namely Hailun Piano and Pearl River Piano Group.
In the first three quarters of 2023, Hailun Piano’s revenue fell by 21.99% year-on-year, with net profit attributable to parent company dropping sharply by 24.7%, while Pearl River Piano Group’s revenue fell by 31.47% year-on-year, with net profit attributable to parent company plummeting by 93.54%. These statistics reflect an ominous sign — the piano industry is experiencing a downturn in business.
These two companies are not alone in their dire straits. According to data by China Musical Instrument Association, in the first three quarters of 2023, 232 enterprises above designated size (enterprises that generate at least 20 million RMB (US$2.82 million) in annual revenue from principal activities) in the musical instruments industry saw their operating income fall by 21.28% year-on-year, with profits down 43.35%, leaving the industry-wide profit margin at only 6.59%.
Not only is the piano industry in the doldrums, its second-hand market is also going through tough times.
A piano bought previously at 50,000 RMB to 60,000 RMB will not even fetch 5,000 RMB now…
Read on here.
well, you don’t need a piano on tiktok….
Sounds like east London in the 1950s.
Now the Chinese regime can play upon its own people – and, of course, they’re trying to do the same with the rest of the world.
Some of the new parents were the children whose parents forced them to learn piano. Probably they don’t think the experiences worthwhile.
Also learning piano is not only demanding for kids but also for parents. Younger parents nowadays probably prefer to have fun themselves.
China’s piano market still has a lang lang way to fall.
Nikkei Asia has published a similar report this month: “China’s passion for the piano fades as Beijing strikes somber tone”
https://asia.nikkei.com/Spotlight/Big-in-Asia/China-s-passion-for-the-piano-fades-as-Beijing-strikes-somber-tone
Among various other factors, the report highlights Yundi Li as a symbolic figure, whose career trajectory in China from 2000 to 2021 coincided with the peak of the piano era in China. For instance, piano imports reached nearly $300 million in 2021 but are projected to decline to around $100 million by 2024.