Industry Analysis & Industry Trends
The recession and the economy's subsequent slow recovery have tempered growth for the Museums industry. However, with the economy on the rebound, museum visitation and private donations have risen, increasing revenue for the industry. Over the five years to 2020, economic conditions in the industry are set to improve. Increased disposable income will allow more families and individuals to spend on discretionary services, such as museum visits. Still, gains from improved economic conditions will be partly offset by limited government funding. Industry growth will also likely be tempered by the rising availability and popularity of virtual tours... purchase to read more
Industry Report - Industry Analysis Chapter
The Museums industry encompasses a wide variety of museums, including art museums, community and historical museums, interactive museums, military museums, natural history museums, science museums and wax museums. The industry also includes halls of fame, art galleries, planetariums and traveling museum exhibits. Art museums and galleries represent the largest share of industry revenue (44.0%), followed by historical museums (22.0%), science and technology museums (19.7%), halls of fame (5.7%), and military museums (5.3%).
The majority of museums in the United States are nonprofit institutions, meaning they obtain tax-exempt status from the Internal Revenue Service (IRS). Although these institutions may generate a profit, this money must be reinvested in the museum... purchase to read more