And it's all thanks to COVID-19.
Fender Musical Instruments CEO Andy Mooney has predicted that 2020 will be a record breaking sales year for the iconic company, revealing the extent of their financial returns in a recent interview with Business Insider.
Discussing the impacts of COVID-19 upon the musical instrument sector, Mooney told the Business Insider that the company were initially “looking over the edge of an abyss” after their Californian and Mexican production plants were closed in March, forcing the company to introduce staff furloughs and wage reductions.
However, Mooney says that an influx of orders began to swamp the company in the months that followed, placing emphasis on the sheer amount of people at home with extra time on their hands for the massive sales spike.
Mooney disclosed to Business Insider that Fender were now looking at posting a record sales year in 2020, forecasting to top last year’s figures with a staggering $US700 million – just shy of $950 million Australian.
“We benefited more than most,” Mooney told Business Insider, noting that the company’s decision to offer the Fender Play educational app for free throughout the lockdown period also contributed towards their success across the year.
“We didn’t think more than 100,000 would sign up. But that many signed up in the first week. It expanded to 500,000, so we went all-out, and now we have 980,000 people using the product.”
Read the Business Insider article in full here.
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