The booming bass business in Canada is booming.
According to a recent report from Bass Pro, Canada’s bass business grew 14 per cent in 2016.
It’s the fastest growth rate since 2010.
Bass Pro said that as a result, the industry is looking at a potential boost of $60 million in revenue in 2017.
In 2015, Bass Pro estimated that Canada’s industry generated $10.6 billion in revenue.
“Bass Pro expects this growth rate to double to $40 million per annum by the end of 2017 and to double again to $50 million by 2019,” the report said.
BassPro said it expects that to create a $60 billion industry in the coming years.
The booming market is largely driven by the rise of online music and streaming services, but also by the success of the traditional bass brands like basspro.ca, bass pro and pro-shop.
The companies have been making strides in the digital space, with both pro- and pro shop adding subscription services.
Basspro said its growth has been driven in part by increased digital sales, particularly in North America.
In the United States, BassPro.ca saw its sales grow by 17 per cent last year, while the pro shop saw a jump of 8 per cent.
The company expects to see a further jump in sales in the US and Canada.
“We believe that in the near term, the US is going to be our fastest growing market,” BassPro CEO Doug Gannon said.
“The growth is not limited to the US.”
BassPro has been working on new products in the past few years.
Bass pro line-up has been updated, with some big names like James Murphy, Sam Smith, and Mark Lefebvre joining the company in 2017, and the Bass Pro name has also been re-branded.
Bass Pros website is also looking to grow.
It says it will increase the number of Bass Pro stores it sells, add online sales and more.
Bass pros are also aiming to be in the $5-million range, according to the company.
BassPros is hoping to get a $100-million investment from China.
BassPRO said it hopes to be one of the top 10 global brands by 2019, with the help of Chinese investor.
The investment will allow Bass Pro to become a more profitable company.
“As we grow, we’re going to invest more and more of our capital and our resources in China,” Gannon told The Globe and Mail.
“Our investment in China is going be a catalyst for us to expand our operations and become more competitive.”
Bass Pro CEO Doug Bagnall told The Guardian he was “delighted” with Bass Pro’s plan.
“This is great news for Bass Pro,” he said.
The Bass Pro report says Bass Pro is currently planning to invest $300 million over five years to expand its US presence.
Bass PRO also said it will invest $50-million in Canada in 2018.
“With Bass Pro Canada’s $10-million dollar investment in 2019, Bass pro will be Canada’s number one bass brand,” it said.