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The Art Galleries and Museums industry in Australia operates in a competitive environment, competing against other leisure, sporting and entertainment industries for its share of consumer expenditure and government grants and funding. However, steady demand and increases in admission levels and government funding are forecast to result in industry revenue increasing. For these reasons, industry research firm IBISWorld has updated its report on the Art Galleries & Museums industry in Australia.
Melbourne, Australia (PRWEB) October 08, 2012
The Art Galleries and Museums industry in Australia operates in a 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 survive. Art galleries and museums, therefore, have to continue to re-invent and re-position themselves to attract interest and draw in visitors. According to IBISWorld analyst Alen Allday, ‘successful museum operators are also linking onto existing and emerging digital media to offer online virtual museums’. A museum is no longer a physical building as offsite access to information and displays through websites and other new media is a critical and integrated part of operations.
IBISWorld estimates that the Art Galleries and Museums industry in Australia will generate $1.23 billion in revenue in 2012-13, a gain of 1.4% for the year. This growth is expected to be driven by increased government grants, higher admission numbers and steady economic growth for the year. IBISWorld estimates that industry revenue will increase at an annualised 0.7% in the five years through 2012-13. Steady demand and increases in admission levels and government funding are forecast to result in industry revenue increasing in the five years through 2017-18. ‘There are also expected to be small and steady rises in enterprise numbers and employment levels over the next five years’, Allday adds.
The market share concentration level in the industry is low. The four largest players are Museums Board of Victoria, National Gallery of Victoria, Art Gallery of New South Wales and the National Gallery of Australia. The industry’s market share concentration level has undergone little change in the past five years, and IBISWorld estimates it will remain low. This will be mainly due to the level of government funding available, with the majority of funding continuing to be received by the large establishments. Also, geographic and investment limitations provide few opportunities for the industry's operators to expand significantly, while smaller organisations face funding and revenue constraints.
For more information, visit IBISWorld’s Art Galleries and Museums report in Australia industry page.
Follow IBISWorld on Twitter: http://twitter.com/#!/ibisworldau
IBISWorld industry Report Key Topics
Operators in this industry run and manage a wide range of art galleries and museums across Australia. The industry also includes businesses that operate historic houses.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Technology & Systems
Regulation & Policy
About IBISWorld Inc.
Recognised as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Melbourne, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.au or call (03) 9655 3886.
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