Photography Studios
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 9,100 photography studios in the US sell professional still, video, or digital portrait photography products and services. Major revenue categories include general individual and group portraits, school portraits, wedding photography, and special event services. Firms may offer related products and services, such as yearbook, directory, or memory book publication or commercial photography and print production services.
Competition from Amateurs
Falling prices for photographic equipment allowed many amateur photographers to produce high quality work, effectively reducing the need for professional services.
Seasonal Peaks in Demand
Demand for photographic services is highly seasonal, with peak periods varying depending on specialty.
Industry size & Structure
The average photography studio operates out of a single location, employs 5 workers, and generates about $527,000 annually.
- The photography studio industry consists of about 9,100 firms that employ about 49,000 workers and generate $4.8 billion annually.
- The photography studio industry is concentrated at the top and fragmented at the bottom; the top four companies account for about 38% of industry revenue. The top 50 companies account for about 54% of industry revenue. Some freelance photographers work out of home studios.
- Large companies include Lifetouch and Picture People.
Industry Forecast
Photography Studios Industry Growth
Recent Developments
Nov 15, 2024 - Services Sector Growth, Employment Down
- Economic activity in the services sector expanded for the fourth consecutive month in October 2024, according to the Services ISM Report on Business. The Services PMI registered 56% in October, up 1.1 percentage points from September. Fourteen of the 18 services industries reported growth in October including Retail Trade; Information; Transportation & Warehousing; Accommodation & Food Services; Finance & Insurance; Construction; Mining; Public Administration; Utilities; Real Estate, Rental & Leasing; Educational Services; Professional, Scientific & Technical Services; Health Care & Social Assistance; and Wholesale Trade. Industries reporting a contraction in October were Other Services; and Management of Companies & Support Services. Employment by photography studios fell 6.7% in September 2024 compared to a year ago, according to data from the US Bureau of Labor Statistics (BLS). Photography studios have struggled to reach pre-pandemic employment levels.
- Consumer confidence levels increased in October 2024, improving in all five components of the Consumer Confidence Index, according to The Conference Board. The index was 108.7 in October 2024 from 99.2 in September 2024. Dana Peterson, chief economist at The Conference Board, noted that confidence was the highest among those between the ages of 35 to 54 and those in the income category of over $100,000. Per Peterson, “Consumer confidence recorded the strongest monthly gain since March 2021, but still did not break free of the narrow range that has prevailed over the past two years.” Plans to purchase homes and new cars rose on a six-month average basis.
- The National Federation of Independent Business (NFIB) monthly jobs report shows that unfilled job openings grew in October 2024, with a seasonally adjusted 35% of small business owners reporting jobs they could not fill. The reading is up one point from September 2024. A seasonally adjusted net 15% of small business owners plan to create new jobs over the next three months, unchanged from September. About 20% of owners reported labor quality as the most important problem facing the business. According to NFIB Chief Economist Bill Dunkelberg, “On Main Street, the job market remains challenging. Although the labor market appears to be softening overall, small business owners reported little success filling their plentiful vacancies in October.”
- According to Fortune Business Insights, the global wedding photography market is projected to grow at a CAGR of 8.1%, from $23.4 billion in 2024 to $43.5 billion in 2032. The global wedding photography market was valued at $21.8 billion in 2023. The Asia Pacific and North America regions held the top two positions in the largest market share in the wedding photography market. Driving growth in North America are consumers’ increasing disposable income, the trend of personalized weddings, and the importance of social media platforms in driving trends. The trend of personalized weddings has created a demand for unique and custom-designed photography sessions, per the report. Social media platforms help couples see the latest styles and themes in weddings, including celebrity weddings, which couples may want to imitate.
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