Presto Music posts strongest financial growth to date
Presto Music, the online retailer of classical music and jazz recordings, sheet music, music books and musical instruments, has reported overall business growth of 18% during its 2020 to 2021 financial year.
The retailer attributed its success to sustained customer demand for classical and jazz music throughout the Covid-19 lockdowns.
During the period, the number of active customers climbed by 16% to 102,087 to exceed 100,000 for the first time. Presto also saw a 47% increase in music downloads, while jazz department sales grew by 100%. Meanwhile, CDs accounted for over 50% of Presto’s revenue which the retailer said was due to the richer information in the accompanying booklets, as well as high quality sound.
Chris O’Reilly (pictured), chief executive of Presto Music, said: “The results have been extremely rewarding for our team. While we appreciate that the unusual circumstances we’ve all experienced this past year have certainly played a part in our success, our commitment to exceptional customer service and fast delivery has also been instrumental, combined with the countless hours invested in delivering carefully curated content for our dedicated and loyal customer base.’’
The growth and the recent addition of a musical instruments and accessories department to Presto’s online catalogue has prompted the retailer to reinvigorate its brand with a new logo and corporate image on its 35th anniversary.
Paolo Pezzangora, head of marketing at Presto Music, said: “Companies should always consider rebranding whenever their business goes through an expansion such as the one Presto experienced this past year. This comes with an added opportunity to connect with new customers and prospects, and therefore also an opportunity to go through a brand reinvention.”
O’Reilly added: “It’s been an invigorating year and so far 2021 has been showing promising results as well. We look forward to another productive FY and to the numerous opportunities this will bring with customers both new and old.”
