Industry Analysis & Industry Trends
The Art Galleries and Museums industry operates in a highly competitive environment, contending with 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 continued to reinvent and reposition themselves to 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 Analysis Chapter
The Art Galleries and Museums industry has been operating in an increasingly competitive environment. The industry has not only faced competition in attracting visitors and generating revenue, but has also had to fight for its share of government budgetary resources. Many art galleries and museums, therefore, have attempted to attract interest by reinventing themselves, becoming more interactive and distributing content across a variety of media channels. Profit margins are low and have declined over the past five years, due to a drop in revenue from admissions.
Government funding accounts for about 70% of industry revenue. As a result, fluctuations in funding lead to revenue volatility... purchase to read more