Artistic merit: Rising disposable income and increased travel activity will bolster revenue growth

The Museums industry encompasses a wide variety of institutions, including art museums and galleries, historical museums, military museums, science museums and wax museums, that are engaged in the preservation and exhibition of objects of historical, cultural and educational value. Over the five years to 2018, these institutions have experienced strong growth, as rising levels of per capita disposable income have enabled a growing number of US consumers to make discretionary purchases of museum admission tickets and merchandise. Over the five years to 2023, the Museums industry is expected to continue growing, fueled by rising per capita disposable income and increasing travel activity...purchase to read more.

Industry Statistics & Market Size
Revenue
$13bn
Annual Growth 13-18
4.2%
Forecast Growth 18-23
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Profit
x.x%lock
Employment
107,092
Businesses
9,781
Market Share of Companies

Industry Threats & Opportunities

  • More individuals are expected to make discretionary museum trips and donations
  • Despite the improving economy, government support for museums has declined
  • Domestic and inbound trips to the United States are anticipated to increase, benefiting the industry

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    Industry Report - Industry SWOT Analysis Chapter

    The Museums industry is in the mature stage of its life cycle. Indicators of this stage include well-established products and services, saturated demand for industry services and stable revenue growth. Industry value added (IVA), which measures the industry's contribution to the overall economy, is projected to rise at an annualized rate of 3.4% over the 10 years to 2023, while US GDP is expected to increase at an annualized rate of 2.1% during the same period. The similarity between these growth rates indicates that the industry's contribution to the economy is steady, which reflects the industry's mature status.Additionally, the number of industry operators in the United States has experienced modest growth in recent years. Ove...purchase to read more.

    Additional Insights for the Museums Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Museums Industry are

  • Access to multiskilled and flexible workforce
  • Ability to attract local support/patronage
  • Ability to educate the wider community

    • IBISWorld analysts also discuss how external factors such as Per capita disposable income and Domestic trips by US residents in the Museums industry impact industry performance..

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    What's in this report

    Industry Products

    What is the Museums Industry?

    This industry engages in the preservation and exhibition of objects of historical, cultural and educational value and includes art galleries, art museums and other museums in general. This industry does not include commercial art galleries that sell art products and objects.

    Industry Products
  • Art museums and galleries
  • Historical museums
  • Science, nature and technology museums
  • Halls of fame
  • Military museums
    • Industry Activities
  • Art galleries (except)
  • Art museums
  • Halls of fame
  • Herbariums
  • Historical museums
  • Marine museums
  • Military museums
  • Mobile museums
  • Natural history museums
  • Science and technology museums
    • Table of Contents

    About this Industry

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources

    Industry at a Glance

    Industry Statistics Snapshot
    Industry Structure
    Executive Summary

    Industry Performance

    Executive Summary
    Key External Drivers
  • Per capita disposable income
  • Domestic trips by US residents
  • Federal funding for creative arts
  • Households earning more than $100,000
  • S&P 500
  • Inbound trips by non-US residents

    • Current Performance
  • Improving economic conditions
  • Government support declines
  • Changing times
  • Chart: Revenue Growth

    • Industry Outlook
  • Positive indicators
  • Government spending
  • Industry landscape
  • Table: Museums Industry Revenue Outlook

    • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Museums Industry Lifecycle vs The Economy

    • Products & Markets

    Supply Chains
    Key Buying Industries
  • Community Colleges
  • Public Schools
  • Private Schools
  • Colleges & Universities
  • Consumers

    • Key Selling Industries
  • Caterers
  • Gift Shops & Card Stores
  • Graphic Designers
  • Movie & Video Production
  • Testing & Educational Support

    • Products & Services
  • Art museums and galleries
  • Historical museums
  • Science, nature and technology museums
  • Military museums
  • Halls of fame
  • Other
  • Chart: Museums Industry Products and Services Segmentation

    • Demand Determinants
    Major Markets
  • Patrons
  • Private donations
  • Other
  • Investments
  • Government appropriations
  • Chart: Major Market Segmentation for the Museums Industry

    • International Trade
    Business Locations
    Chart: Business Locations by State

    Competitive Landscape

    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Purchases
  • Depreciation
  • Rent and utilities
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Museums

    • Basis of Competition
  • Internal competition
  • External competition

    • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Museums Industry

    • Industry Globalization

    Major Companies

    Smithsonian Institution, J Paul Getty Museum,
  • Table: Smithsonian Institution - financial performance
  • Table: J Paul Getty Museum - financial performance

    • Operating Conditions

    Capital Intensity
  • Chart: Level of Capital Intensity for the Museums Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

    • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

    • Regulation & Policy
    Industry Assistance

    Key Statistics

    Table: Industry Data for the Museums Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Federal funding for creative arts (2009-2023)

    • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios

    Jargon & Glossary

    Contemporary Art
  • Art that has been produced between World War II and the current time period.
    • Deaccessioning
  • To remove and sell a work of art from a museum's collection.
    • Interactive Museums
  • A museum that displays art that all visitors can touch, feel, explore and interrogate to learn and experience in-depth aspects of an exhibit.
    • What Our Customers Say
    Why buy this report?

    IBISWorld’s Industry Market Report on Museums is a comprehensive guide to market size and growth prospects. Ensure due diligence in your research with our strategic analysis of the factors influencing companies, including new product developments; economic, lifestyle and demographic influences; distribution and supply chain factors; and pricing issues.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Museums:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Museums market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Museums, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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