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 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 museums and art galleries, therefore, have attempted to attract interest by re-inventing themselves, becoming more interactive and distributing content across a variety of media channels. Profit margins are low, at an estimated 3.0% of industry revenue in 2014-15, down from 6.5% in 2009-10 due to admissions revenue declines despite estimated attendance increases, and steady expenses growth.
In 2014-15, industry revenue is forecast to grow by 2.2% to reach $1.4 billion... purchase to read more