“乐器之王”，卷不动了？

Core Insights - The piano industry in China is experiencing a significant downturn, with a sharp decline in sales and an increasing number of piano stores closing down [1][2][10] Industry Overview - The global piano production and sales have remained stable at around 400,000 to 500,000 units annually, with China producing over 300,000 units, making it a major player in the global piano market [2] - From 2018 to 2023, piano sales in China plummeted from 356,000 units to 128,000 units, with projections indicating a drop below 100,000 units in 2024 [3] Company Performance - Leading company Pearl River Piano (珠江钢琴) reported a revenue of 677 million yuan in 2024, a year-on-year decline of 39.97%, with a net loss of 236 million yuan, marking a 4108.2% decrease [6] - Another company, Helen Piano (海伦钢琴), saw its revenue decline from 379 million yuan in 2022 to 159 million yuan in 2024, with significant losses in the past three years [6] Market Dynamics - The decline in piano sales is attributed to a decrease in the number of people learning to play the piano, with a nearly 20% drop in piano exam candidates in 2023 compared to 2022 [10] - The introduction of policies such as the cancellation of art exam bonus points and the "double reduction" policy has reduced the motivation for students to learn piano [10][15] Consumer Behavior - The high cost of learning piano, including the purchase of instruments and ongoing lesson fees, has deterred many families from investing in piano education [13][15] - There is a shift in consumer preference towards more affordable instruments, such as digital pianos, which have seen an increase in sales [20] Industry Transformation - The piano industry is undergoing a transformation driven by policy changes, demographic shifts, and evolving consumer needs, prompting companies to explore new teaching models and services beyond just selling pianos [22]