Industry Analysis & Industry Trends
The health of the Museums industry is tied to individuals' inclination to donate or spend money on leisure activities, which is affected by trends in disposable income and consumer confidence. Following a drastic downturn during the recession, the industry began to turn around at the end of 2011, 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 second-largest source of industry revenue. The majority of museums in the United States qualify as nonprofit organizations and therefore benefit from a tax-exempt status from the Internal Revenue Service (IRS). As a result, many of these institutions rely on government support... 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