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Marketplace Morning Report

Bringing Bono on board might not be enough for Fender’s slump

Jeff Tyler May 30, 2014
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Bono and The Edge – the singer and guitarist for U2 – will join the board of directors at the Fender Musical Instruments Corporation.

Fender guitars are revered by musicians.

Brian Majeski, an editor at The Music Trades magazine, says Fender does “not need these guys to burnish their credibility with musicians or the music-buying public.”

But, across the industry, guitar sales are down 10 – 15 percent from their peak in 2008.

Perhaps the issue is not supply, but too little demand.

“Maybe this slump in guitar sales is a lot of kids aren’t learning to play the guitar because it’s hard,” says Jimmy Griffin, who manages Killer Vintage, a guitar shop in St. Louis.

Griffin says he never would have bothered learning the guitar if he knew that he could be a rock star with just two turn-tables and a microphone or a computer.

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