Core Viewpoint - The piano education industry in China is experiencing a significant decline, with a shift in consumer preferences towards more practical subjects like programming and academic tutoring, leading to increased competition and financial struggles for piano-related businesses [4][7][13]. Group 1: Industry Overview - At its peak, the number of children learning piano in China reached 30 million, driven by a cultural trend where owning a piano was seen as a status symbol [4]. - The piano market has faced a drastic downturn since two years ago, with companies like Pearl River Piano reporting a net profit loss of 236 million yuan in 2024, a staggering decline of 4,108.2% year-on-year [4][5]. - The total assets of Pearl River Piano decreased by 12.52% from the previous year, indicating a broader financial struggle within the industry [6]. Group 2: Changing Consumer Preferences - Parents are increasingly prioritizing practical skills over traditional music education, with many opting for subjects that promise immediate academic benefits, such as math and programming [7][13]. - The perception of piano education has shifted from a necessity to a luxury, with parents now viewing it as an extravagant expense rather than an essential part of their children's education [13][34]. Group 3: Market Dynamics - The number of piano graduates has surged since the 2010 "art examination boom," leading to an oversupply of piano teachers and increased competition within the industry [23][25]. - The decline in demand for piano education has resulted in many piano teachers struggling to find work, with some institutions even cutting costs by having administrators teach classes themselves [26][27]. Group 4: Financial Implications - The piano market is witnessing a significant contraction, with reports indicating that nearly half of the piano factories are facing closure, and the resale market for second-hand pianos is also declining [15][19]. - The import of second-hand pianos has dropped from 160,000 units in 2021 to just 80,000 in 2023, reflecting a broader trend of reduced consumer interest [19]. Group 5: Future Outlook - Experts predict that the classical music market, including piano education, will continue to shrink, with a potential shift towards more accessible and less formal music education [35][36]. - The industry is expected to undergo a significant transformation, moving away from being a status symbol to a more casual and less central role in children's education [38].