Fine Arts Schools


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Industry Profile Report

Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters

Industry Overview Industry Structure, How Firms Opertate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.

Call Preparation Quarterly Insight, Call Prep Questions, Industry Terms, and Weblinks.

Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.

Industry Profile Excerpts

Industry Overview

The 14,700 fine arts schools in the US provide instructional services in the arts, including dance, art, drama, and music. Fine arts schools include a broad range of educational providers, including art schools (except commercial and graphic arts), dance studios, drama and theater schools, and music schools. Degree-granting institutions are not considered fine arts schools. Most firms are small, independent organizations that operate within a local market.

Vulnerability To Economic Conditions

Demand for fine arts education is sensitive to economic conditions and typically drops during periods of financial uncertainty.

More Dancing

Demand for dance instruction has benefited from the popularity of dance-inspired TV shows and interest in dance as an alternative to exercise.

Industry size & Structure

The average fine arts school firm employs between 6-7 workers, and generates $362,000 in annual revenue.

    • The fine arts education industry consists of about 14,700 firms that employ 100,300 workers and generate $5 billion annually.
    • The industry is highly fragmented; the top 50 companies account for 11% of industry revenue.
    • Degree-granting institutions are not considered fine arts schools. Most firms are small, independent organizations that operate within a local market.
    • Franchises are popular in the fine arts industry. Franchises offer pre-made curriculum and lesson plans to franchisees to ease the start-up process. Arthur Murray International and Fred Astaire Dance Studios are large dance studio franchises. The School of Rock music school franchise has over 280 locations.
                                    Industry Forecast
                                    Fine Arts Schools Industry Growth
                                    Source: Vertical IQ and Inforum

                                    Coronavirus Update

                                    Apr 21, 2022 - Vaccination, Masking, Social Distancing Decisions Being Left To Individuals
                                    • Federal and local health officials are leaving it up to people to assess if they need booster shots, whether to wear a mask, and how long to isolate after a positive test, according to The Wall Street Journal. Businesses, schools and other entities are scaling back specific guidelines. The lack of effective treatments, vaccines, and widespread testing early in the pandemic resulted in social distancing mandates and lockdowns. The response is becoming more tailored to people’s own health and appetite for risk, as those tools help blunt the worst outcomes as the virus continues to spread, according to public-health experts. “The history of public health has been a constant tension between individual-level and government or community-level intervention,” said Megan Ranney, an emergency-care doctor and academic dean of the Brown University School of Public Health.
                                    • Hawaii, the last US state with a mask mandate in place, allowed the mandate to expire on March 25. The US Centers for Disease Control and Prevention's latest guidance recommends that people continue to wear masks indoors in communities with high levels of Covid-19. The agency last week said that more than 90% of US residents are now in a location with low or medium Covid-19 community levels.
                                    • Music, visual art, dance, and other fine art schools quickly adapted at the onset of the COVID-19 pandemic to distance learning technologies to continue operations. Visual arts schools face unique challenges moving to online learning environments because students may lack supplies, materials, or equipment.
                                    • Some fine arts schools may have qualified for relief under the stimulus package that passed in December of 2020. The $900 billion stimulus included $22.7 billion for colleges and universities. Higher education has been hit hard as the pandemic reduced enrollment. Meanwhile, schools have had to bear higher costs related to the pandemic, including testing, protective equipment, health support, and financial aid for students.
                                    • Fine arts programs – including those in public schools – are exploring ways to continue arts education amid the ongoing pandemic. Music programs that include singing or brass and wind instruments pose unique challenges as singing and forcefully blowing air are highly efficient methods of spreading coronavirus through airborne droplets. However, researchers at the University of Maryland and the University of Colorado Boulder suggest several strategies to mitigate the risk of singing and playing wind instruments in groups, according to The Wall Street Journal. Wearing a mask while singing significantly reduces the number of particles. Particles can also be reduced by placing bags or bell covers over wind and brass instruments. Special masks with slits also proved effective at reducing airborne particle emission while playing wind instruments. Particle build-up can also be reduced by taking 15-minute breaks every 30 minutes where all participants leave the room. Improving ventilation also reduces risk, including opening windows, HVAC systems that bring in fresh outside air three times per hour, or using portable HEPA air cleaners.
                                    • Some fine art schools have a high percentage of international students who left the US when the outbreak began. Such schools could face revenue shortfalls if international students leave. International students tend to pay higher tuition than US citizens. The US began welcoming fully-vaccinated international travelers on November 8, 2021, after being mostly shut to nonessential foreign travel since the onset of the pandemic. Accepted vaccines for US travel are those approved by the World Health Organization (WHO) and/or the US Food and Drug Administration (FDA), including Moderna, Pfizer/BioNTech, Janssen (J&J), AstraZeneca-Oxford, Covaxin (India), and the two Chinese vaccines Sinopharm and Sinovac.
                                    • International student enrollment in US colleges and universities showed signs of improvement in fall 2021, according to The Wall Street Journal. International student enrollment in undergraduate, graduate, nondegree courses or postgraduate training programs rose 4% in the fall, according to a mid-November report by the Institute of International Education and nine other higher-education associations.
                                    • Rigorous testing protocols may be a key to allowing fine arts students to rehearse together and resume more regular performances. Rapid antigen tests can return results in about 15 minutes but have been in short supply in the US. In late November, in response to the discovery of the new coronavirus variant Omicron, the Biden administration said it was expanding access to rapid, in-home testing kits that will qualify for reimbursement for those with health insurance. The uninsured will be able to get rapid test kits through thousands of community health centers and other locations serving rural or underserved communities. On January 19, the Biden administration established a government-run website where US residents can order up to four free COVID-19 test kits per household. The kits are to be delivered by the US Postal Service.
                                    • Some schools hope to bring back live performances by limiting audience sizes in auditoriums and concert halls. Performances are also being recorded and made available online or performed live via Zoom. While live performances are an integral part of fine arts education, instructors stress that the most important thing for group performers is being able to rehearse together – even in smaller groups.
                                    • Fine arts schools may institute vaccination requirements because arts education often involves performances and in-person instruction. Requiring students to have vaccinations against viral diseases is not new, and most schools have existing portals for uploading vaccination records. Laws and regulations regarding vaccination requirements vary by state, however.
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