A new study says music merchandise grew by 9.4% year-over-year.
Music merchandising retail sales was one of the fastest growing property type percentage-wise for 2016, according to the international Licensing Industry Merchandisers Association's annual survey.
While all categories of licensed goods and services globally hit nearly $263 billion, which represented a 4.4% increase from the prior year, the music merchandise category grew at more than double that pace. According to LIMA, music merchandise grew 9.4% to $3.1 billion from the prior year’s total of $2.83 billion.
“Music is part of the culture, and people shopping for [music related merchandise] are not limited to the music fans per se,” says LIMA senior VP Marty Brochstein. “Brick and mortar is taking the music [merch] category much more seriously.”