Today, NAMM released a statement from president Joe Lamond about the current state of the industry. The statement reads as follows:
Charting Your Path at the Crossroads
'AKA—You Can Do This!'
When we opened The 2020 NAMM Show with our Breakfast of Champions session theme of "Crossroads," little could we have imagined how accurate that would be. We certainly felt strongly that the trends of the last decade were nearing an inflection point and would lead to an industry looking quite different in the decade ahead. Like many things in nature, I suspect one of the results of this crisis will be to accelerate these trends and bring some to their logical conclusion, opening up new opportunities for growth.
The theme of Crossroads conjures up making tough choices, doesn’t it? And for many, choosing under the best of conditions is stressful. The disruption caused by the pandemic (and efforts to mitigate it) is likely the most stressful period the world has seen for decades and, to be honest, some might say we’re still early in the process. Perhaps periods like this were made for what author Jim Collins referred to as the Stockdale Paradox. In Admiral Stockdale’s own words, "You must never confuse faith that you will prevail in the end — which you can never afford to lose — with the discipline to confront the most brutal facts of your current reality, whatever they might be."
One might say that our version of that description is that "music will prevail in the end" and that you and your teams will personally have an important role in making that happen. The creativity and innovation of NAMM members all around the world in solving these challenges are unprecedented. The speed with which you are reinventing your businesses is exactly what happens at a Crossroads. While we may stop short of ever welcoming a Crossroads moment, in many ways our lives will be measured by how we respond.
This is legacy stuff for sure, and I personally could not be more proud of all our NAMM family. You are rising to the challenge, dealing with today’s reality while setting yourself up for the inevitable recovery. Our members are demonstrating their leadership skills and, just like Admiral Stockdale, recognize the hardships ahead, but never doubt for a second that we will prevail. I, along with your extended NAMM family, have faith that you can and will do this!
NAMM President and CEO
P.S. - No one can do this alone. NAMM members are working together like never before to share their wisdom and best practices. Please see the resources below and take advantage of the collective wisdom of your industry peers and continue to utilize namm.org as a central resource for the latest information.