Industry Analysis & Industry Trends
During the five years to 2014, the Museums industry was adversely affected by declining disposable income and lower consumer confidence brought on by the recession. However, conditions began to turn around, with the majority of museums reporting an increase in attendance, a trend that has continued throughout the five- year period. Furthermore, improving economic conditions resulted in a rise in private donations, the largest source of industry revenue. In the five years to 2019, revenue growth will be bolstered by a rise in disposable income, a decline in unemployment and enhanced consumer confidence. Still, industry revenue will be partly offset by limited government funding and the rising availability and popularity of virtual tours... purchase to read more
Industry Report - Starting a New Business Chapter
The industry has low barriers to entry. There is a moderate level of competition among museums, with an estimated 4,989 currently in operation. The majority of these museums are small and local in nature. However, there are some larger museums, which account for a significant share of the market. These larger museums may have greater access to federal grants, which are typically a substantial source of revenue for museums.
The majority of museums in the United States are non-profit institutions. To be eligible for accreditation by the American Association of Museums, a museum must be not-for profit, essentially educational in nature and have a professional staff member, among other requirements... purchase to read more