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 15,400 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 7-8 workers and generates $325,000 in annual revenue.
- The fine arts education industry consists of about 15,400 firms that employ 116,700 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
Mar 8, 2024 - Moderate Sales Growth Expected
- Fine arts school sales are forecast to increase at a 5.27% compounded annual rate from 2022 to 2027, faster than the growth of the overall economy, according to Inforum and the Interindustry Economic Research Fund, Inc. Industry employment has rebounded from early 2021 lows and moderately exceeded pre-pandemic levels in late 2023, according to the US Bureau of Labor Statistics.
- Personal income, an indicator of demand for fine arts education, increased 1% month over month in January 2024, while consumer spending increased 0.2%, according to the US Commerce Department's Bureau of Economic Analysis (BEA). Real disposable personal income, what Americans make after adjusting for inflation and taxes, was unchanged during the period. "Overall, [the report] is meeting the expectations, and some of the worst fears in the market weren't met," said Stephen Gallagher, chief US economist at Societe Generale.
- US consumer confidence, as measured by The Conference Board’s Consumer Confidence Index, decreased to 106.7 in February from a seven-month high of 110.9 in January (1985=100). The decrease in consumer confidence surprised many analysts as the economy continues to show resilience, according to the Associated Press. “Overall, consumers are set to benefit from declining interest rates as the Fed starts to lower the target range this year, which should be supportive of sentiment over time,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.
- 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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