|Last Quarterly Update:||12/22/2014|
|SIC Codes:||7922, 7929|
|Industry Overview||Trends & Challenges||Industry Forecast|
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|Business Challenges||Financial Information||Glossary & Acronyms|
Companies in this industry produce live presentations by actors, singers, dancers, musical groups, and other performing artists. Major companies include the Lyric Opera of Chicago, the Metropolitan Opera Association, and the San Francisco Symphony (all based in the US), as well as Cirque du Soleil (Canada) and The Royal National Theatre (the UK).
World trade in creative goods and services, which includes the performing arts, is valued at about $624 billion per year, according to the United Nations. Rising middle class populations in Asia and Latin America are driving industry growth in these regions.
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 US 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 ...
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