Arts Market Characteristics
The arts services market consists of sales of arts services and related goods by entities (organizations, sole traders and partnerships) that operate facilities or provide services for cultural, entertainment and recreational interests such as producing live performances or events and preserving and exhibiting objects of the art-related interests of patrons. Revenues in this market include entry fees to theatres and art galleries and royalties.
Competitive Landscape of the Arts Market
Major players in the global arts market include Smithsonian Institution, The Paris Opera Ballet, The Metropolitan Opera Association, WWE, The State Hermitage Museum, Cirque du Soleil, Lyric Opera of Chicago, San Francisco Symphony, The Acropolis Museum, The Australian Ballet.
Arts Market Size
The arts market size is expected to reach $550 billion by 2022, significantly growing at a CAGR of around 4.9% during the forecast period. The growth in the arts market is due to increased disposable income in many developing countries and growing customer interests in concerts and festivals market.
However, the market for arts is expected to face certain restraints from several factors such as interest rate increases, workforce issues.
Arts Market Segmentation
The global arts market is further segmented based on type and geography.
By Type - The arts market is segmented into Independent artists and performing art companies, sports and arts promoters, museums, historical sites, zoos, and parks, among these segments, the gambling market accounts for the largest share in the global arts market.
By Geography - The global arts is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America arts market accounts the largest share in the global Arts market.
Trends in the Arts Market
The rise of independent formats, augmented reality and collaborations between art organizations and businesses are the major trends witnessed in the global arts market.
Potential Opportunities in the Arts Market
With growing popularity of live festivals and other events in countries such as China and India and the use of social media to promote art events, the scope and potential for the global arts market is expected to significantly rise in the forecast period.