January 27, 2023 I Finance
Sweetwater Reports $1.57B in Sales in 2022
Sweetwater has announced its sales numbers for 2022. Despite economic challenges, the company said it served more than 1.6 million customers in 2022 and reached $1.57B in sales. The company saw revenue growth of 9.5% year over year. The year 2022 marks the third consecutive year that Sweetwater has broken the $1B revenue mark.
“I am immensely proud of the Sweetwater team’s accomplishments in 2022. In a year when the world dealt with economic uncertainty, geopolitical challenges, lingering supply chain difficulties, and many other issues, we were still able to provide exceptional customer service to millions of music makers,” said John Hopkins, CEO of Sweetwater. “What a privilege it is for us to have this role in the music industry. Music has the power to inspire, offer hope, and promote healing.”
In addition to its record growth and sales, Sweetwater launched the Gear Exchange in July 2022, which lets musicians buy and sell used gear. Sellers can avoid fees by opting for the payout in the form of a Sweetwater gift card.
Also, in October 2022, Sweetwater opened a distribution center in Arizona, the first-ever facility outside its Fort Wayne, Indiana, headquarters. This distribution center lets the company deliver products to West Coast customers faster and more efficiently, shipping almost 50,000 orders in just three months and creating nearly 100 new jobs.