|Last Quarterly Update:||10/14/2013|
|SIC Codes:||7922, 7929|
|Industry Overview||Trends & Challenges||Industry Forecast|
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Companies in this industry produce live presentations by actors, singers, dancers, musical groups, and other performing artists. Major US companies include the Boston Symphony Orchestra, the Metropolitan Opera Association, and the San Francisco Symphony.
The US performing arts industry includes about 9,000 companies with combined annual revenue of about $14 billion. Key growth drivers include increases in the number of older people with more time to attend performances and opportunities to reach new audiences through social media.
The industry includes about 3,000 theater companies; 200 dinner theaters; 200 opera and 600 dance companies; 4,500 musical groups and artists, including 850 symphonies and chamber music organizations; and 30 circuses.
Personal income and leisure time drive demand for performing arts. The profitability of individual companies depends on producing performances that audiences want to see and on efficient operations. Large companies have advantages in marketing, fundraising, and attracting star performers. Small companies can compete effectively by specializing in new, unique, or popular works. The US industry is fragmented: the 50 largest companies account for less than 30 percent of revenue.
PRODUCTS, OPERATIONS & TECHNOLOGY
Major sources of revenue for the performing arts industry are admissions; entertainment contract fees; private contributions; royalty, licensing, and residual fees; and government grants. Admissions account for 45 percent of industry revenue; contract fees, 20 percent; and private contributions, 15 percent. Other revenue sources include food, beverage, and merchandise sales; facility rental; membership ...
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