Fine Arts Schools
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 15,200 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 8-9 workers and generates $330,000 in annual revenue.
- The fine arts education industry consists of about 15,200 firms that employ 126,000 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
Recent Developments
Jul 16, 2024 - Employment Increases
- Fine art school industry employment increased slightly during the first five months of 2024, according to the US Bureau of Labor Statistics. Fine arts school sales are forecast to increase at a 4.59% compounded annual rate from 2024 to 2028, faster than the growth of the overall economy, according to Inforum and the Interindustry Economic Research Fund, Inc.
- The Biden Administration finalized updates to the Office of Management and Budget’s Guidance for Federal Financial Assistance, which sets the foundational requirements for agencies in making grants and providing other forms of federal financial assistance. Contributions, gifts, and grants account for about 30% of revenue for nonprofit institutions. The updates to what is known as the Uniform Grants Guidance will streamline and clarify requirements for federal funding so recipients can invest in mission outcomes rather than in administrative overhead, according to the Administration. The updated Uniform Grants Guidance also instructs agencies to make grant announcements as clear and concise as possible to make it easier for eligible recipients to access critical funding. The Federal government provides more than $1.2 trillion in funding per year for thousands of programs through grants and other forms of financial assistance.
- Federal pandemic funding paid for an expansion of arts funding at schools across the US but the 2023-24 school year is the last full year in which districts can spend down what remains of the $180 billion in federal Covid-19 aid. Fine arts schools may benefit in the short term if families turn to them for fine arts education due to funding cuts for school-based arts education, but long-term demand may decrease if fewer young people are introduced to the arts at school. New York City’s public schools are currently using $41 million in federal stimulus for the arts, school officials said. That money, including $16 million that during the pandemic replaced a local tax levy, is about to expire. The New York City Education Department has not publicly released plans to save the programs.
- Art is an important contributor to physical and mental well-being, according to Susan Magsamen, co-author of an upcoming book on the new field of neuroaesthetics, which studies the brain’s responses to art. There are some similarities to mindfulness and meditation, and to a flow state, Magsamen told The Washington Post. Part of what’s happening in those kinds of very focused spaces where you’re not thinking about 100 other things is that you’re letting your mind go, and that brings you to a stress-free state.
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