Industry Analysis & Industry Trends
The Art Galleries and Museums industry operates in a highly competitive environment, competing against other leisure, sporting and entertainment industries for its share of consumer expenditure and government grants and funding. Consequently, the industry has been developing new, visually exciting, imaginative and interactive educational displays and special exhibitions to attract new visitors and retain existing ones. Art galleries and museums have had to continue to re-invent and re-position themselves to attract interest draw in visitors and gain government grants, particularly as competing industries have continued to undertake similar programs to increase patronage and revenue... purchase to read more
Industry Report - Industry Investment Chapter
The industry requires high labour inputs as extensive staff and volunteers are required for conservation, mounting of displays, interpretation, education and research. The industry also has moderate capital requirements associated with vehicles, buildings required to display and store items, and costs for museum and art gallery plant and equipment, such as lighting, heating and cooling.
Overall, the industry has a medium capital intensity level. To calculate the capital intensity level, IBISWorld uses data from the industry cost structure. Depreciation is used as a proxy for capital, with wages used as a proxy for labour. In 2014-15, depreciation is estimated to account for 4.2% of industry revenue, while wages are expected to make up 30.4%... purchase to read more