Why Toronto is the Perfect Market for Music Go Round
For musicians of every style and skill level, the vibrant city of Toronto stands out as a cultural mecca within Canada. From venues, studios and festivals to music management and talent development firms, the Canadian music industry is clustered primarily within that region – making it one of the most concentrated music sectors in North America.
Overall, the Canadian live music market has grown at an average annual rate of 6.4 percent since 2010, and Ontario’s live music scene generates 80 percent of total national revenues. The Canadian recording industry had a total economic impact of more than $455 million in 2010, with nearly 80 percent of Canada’s recording industry expenditures taking place in the Toronto region.
Employing tens of thousands of Canadians, and with projections of additional growth, Toronto’s music scene creates the optimal market for Music Go Round® locations.
Supportive Local Government
Perhaps even more important than the Toronto music industry’s impressive growth is the legislative and general support the local government offers its musicians and the larger fine arts industry. Toronto is considered the national headquarters of the major label music business and much of the indie label business, along with their ancillary components.
Fortunately, the positive economic impact of Toronto’s reputation as a cultural hub is not lost on the Toronto government. The city manages the Economic Development & Culture Division (EDC), whose mission is to “nurture, preserve and promote arts, heritage and culture in order to strengthen and sustain dynamic cultural vitality and quality of life. [Also] to provide arts, heritage and culture programs and events to the community, in order to enhance the city’s cultural, economic and social vitality.”
The EDC provides comprehensive fine arts and cultural programming. It also helps area businesses and individuals capitalize on music-related tourism, digital music media and job creation within the growing industry.
As the fourth-largest city in North America, the diversity in Toronto also ensures a sizeable local market for every type of music. It provides a unique platform for creativity and innovation through the fusion of different genres, styles and instruments.
Consistent Demand from Established and Aspiring Musicians
Canadian consumer behavior is also very promising for retailers in the resale segment. Canadians value sustainability, with 80 percent saying they prioritize the environment in their lifestyle and shopping habits. Another 79 percent said they value getting a good deal, making them the perfect buyer persona for Music Go Round. By purchasing secondhand musical instruments from Music Go Round, customers not only save 40 to 60 percent, they also keep these high-quality instruments out of landfills.
Home to a growing, socially and fiscally-conscious general population – and a booming population of musicians – Toronto provides the ideal landscape for Music Go Round and other instrument resellers.
With daily inquiries from Canadian consumers interested in buying from Music Go Round, expansion into Canada’s fast-growing music market is the natural next step for the brand. From the thriving Toronto music scene to Canada’s favorable consumer behavior, the Toronto region shows much untapped potential and multiple available markets for secondhand instrument retailers.
To learn more about franchise opportunities with Music Go Round, visit the Winmark franchise website or give us a call at (866) 595-0053.