Museums in the US

Overview

Work of art: Museum visitation and private donations will stimulate industry revenue growth

IBISWorld’s industry research report on Museums provides up-to-date sales and market data, allowing you to identify the product and customer segments driving revenue growth. The report identifies the leading companies in the industry, and offers strategic analysis of the key factors influencing the market. Our data forecasts are accompanied by full analysis to illustrate how the market is responding to dominant and emerging trends.

REPORT SNAPSHOT

Industry Threats & Opportunities

  • More individuals are expected to make discretionary museum trips and donations
  • Despite the improving economy, government support for museums has declined
  • Profit margins are expected to grow due to rising admissions costs and private donations

    • Industry Analysis & Industry Trends

    The Museums industry has experienced strong growth over the past five years as rising per capita disposable income enabled a growing number of US consumers to make discretionary purchases of museum admissions tickets and merchandise. Moving forward, the industry is anticipated to continue growing, fueled by improving economic conditions. Rising per capita disposable income and increasing travel activity are expected to be the dominant factors aiding revenue growth. However, gains from beneficial economic conditions will be partly offset by limited government funding due to the persistence of budgetary pressures. Industry growth will also be tempered by the rising availability and popularity of virtual tours, particularly for well-known museums in the United States.

    Industry Report - Industry Products Chapter

    The Museums industry encompasses a wide variety of institutions, and the vast majority of industry enterprises are nonprofit and state-funded institutions aimed at the promotion of culture for the public good. However, an estimated 11.4% of industry institutions operate on a commercial basis and generate income primarily through admissions fees and membership subscriptions.

    Art museums and galleries

    Art museums and galleries represent the largest segment of this industry, accounting for an estimated 40.9% of total industry revenue in 2017. Art museums and art galleries are used for the exhibition of art, typically visual art, and can include both public and private institutions. Thi

    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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    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
  • Other
  • Halls of fame
  • 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
  • Table: Smithsonian Institution - 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 (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Per capita disposable income (2008-2022)

    • 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.

    • Why buy this report?

    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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