What's New
CY23 Targets and Mid-Year Reviews
By Dave Tovissi
Vice President and General Manager
HARMAN Luxury Audio
With half of the year already behind us, I wanted to share the progress that we have made thus far to accomplish our CY23 revenue and operational goals. In January, my article spoke about HARMAN Luxury Audio’s Initiatives for the year. In full transparency, I will provide you with a report card on our goals.
Continue Double Digit Revenue Growth: Over the past 36 months, the HARMAN Luxury Audio Group has seen tremendous CAGR growth. Our revenues have almost tripled since CY2019. Of course, we benefited from the fact that people were spending more money on home entertainment during the COVID lockdowns. Heading into CY23, we remained bullish on the industry trends and forecasted our business to continue to grow by double digits. Through June 30th, we are tracking behind our revenue goals for the year, but we remain optimistic to grow our business over CY22.
The main reason for optimism is that our new products are getting glowing reviews from the industry, and we have several new products that will launch at CEDIA Expo this September that will drive incremental revenue throughout the fourth quarter of this year. The products that we announced at HARMAN EXPLORE are either in production or will be in production before the end of the third quarter. Those products include the award winning JBL 4329P Active Studio Monitor and the expansion of the JBL Classic Electronics - all in production now. The JBL Spinner BT, our first Bluetooth turntable, is expected to be in production next month making it available for holiday gift-giving opportunities.
Besides our focus on social sites, the global marketing team is working together with our product development teams to launch our new products within weeks of the products going into the start of production. During our Global Stakeholders Meeting in March, we agreed that we needed to be more disciplined in our launch strategy. We want our products to be launched with inventory in our warehouses. That initiative requires our regions to do a much better job of forecasting the demand for products at launch so we can make sure our suppliers have enough materials on hand as we begin production.
We have also hosted several distributors and dealers at our newly renovated facilities in Northridge for an abbreviated version of the HARMAN Luxury Audio Academy in the first six months of the year. To allow more customers to experience the benefits of attending a Luxury Audio Academy, our team is tasked to recreate the experiences in a virtual environment. We are prototyping and testing how customers can virtually walk through the various labs and learn about the Science of Sound.
I look forward to sharing the year-end results and more updates on our initiatives in a future newsletter article. Speaking of the newsletter, this month we are celebrating our fourth year of producing and sharing our monthly newsletter with you. Our goals for the newsletter that started production in June of 2019 were to improve communication between our business unit and our customers. To all those who have contributed to this newsletter I want to share my appreciation for your commitment to inform and educate our readers. It takes passion and discipline to deliver these articles on a consistent cadence.
To our readers, this newsletter was created for you. Please let us know how we can continue to improve our content by sending your suggestions to me at david.tovissi@harman.com
