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. In this environment, new, visually exciting, imaginative and interactive educational displays and special exhibitions have been developed in order for the industry to attract new visitors and retain existing ones. Art galleries and museums, therefore, have to continue to re-invent and re-position themselves to attract interest and draw in visitors, particularly as competing industries continue to undertake similar programs to increase patronage and revenue... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Art Galleries and Museums industry is in the mature stage of its life cycle. This is due to low revenue growth in recent years, as well as stable growth in establishment numbers and employment levels. Attendance numbers have also increased at a slow rate in the past five years. Further, industry value added is estimated to increase at an annualised 0.7% in the 10 years through 2018-19, which is lower than estimated national GDP growth over the same period of 2.5%.
While the industry has experienced slow growth in overall visitor numbers in recent years, overall growth in government funding for existing and new establishments has benefitted the industry... purchase to read more