Performing Arts Groups
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 9,500 performing arts groups in the US produce live presentations by a variety of artists, including actors, singers, dancers, and musical groups. The industry includes theater companies and dinner theaters; dance companies; musical groups and artists; and other types of performing arts groups. Major revenue sources include admission fees; contracts for performances; contributions, gifts, and grants; and investment income.
Competition From Alternative Entertainment
Performing arts groups compete with a variety of alternative forms of entertainment, including movies, television, sporting events, and digital media.
Industry size & Structure
The average performing arts group operates out of a single location, employs about 14 workers, and generates $1.7 million annually.
- The performing arts industry consists of about 9,500 groups that employ 134,000 workers and generate about $16.2 billion annually.
- The industry is fragmented; the top 50 companies account for 32% of industry revenue.
- The majority of firms operate within a limited geographical market. Large organizations include the Metropolitan Opera Association, the "Big Five" orchestras (New York Philharmonic, Boston Symphony Orchestra, Chicago Symphony Orchestra, Philadelphia Orchestra, and Cleveland Orchestra), Feld Entertainment (Ringling Brothers), and Cirque du Soleil based in Canada.
- Theater companies account for about 36% of firms and 48% of industry revenue. Musical groups and artists account for about 54% of firms and 37% of industry revenue. Dance companies and other groups account for about 10% of firms and 5% of industry revenue.
- New York City is considered the center of the US theater industry.
Industry Forecast
Performing Arts Groups Industry Growth
Recent Developments
Jul 15, 2024 - Sales, Employment Up
- According to data from the US Census Bureau, revenue for performing arts companies increased 4.3% year over year and 3.6% quarter over quarter during Q1 2024 to $4.9 billion. Employment by performing arts groups grew in the first five months of the year, according to data from the Bureau of Labor Statistics. Average wages for nonsupervisory employees in the industry fell in the first five months of the year, reaching $35.77 per hour in May 2024.
- The Institute for Supply Management reported its services-sector PMI contracted to 48.8% in June 2024 from 53.8% the previous month. It was the second contraction in a three-month period, following 15 consecutive months above the baseline growth. The report tracked the performance of 18 service sectors, out of which eight posted gains in June. Growth sectors include Other Services; Management of Companies & Support Services; Health Care & Social Assistance; Construction; Utilities; Finance & Insurance; Educational Services; and Professional, Scientific & Technical Services. Eight sectors showed a decrease in June, including Agriculture, Forestry, Fishing & Hunting; Real Estate, Rental & Leasing; Mining; Retail Trade; Public Administration; Wholesale Trade; Transportation & Warehousing; and Information. The Supplier Deliveries Index contracted to 52.2% in June 2024 from 52.7 the previous month. Seven industries reported slower deliveries in June 2024, including Real Estate, Rental & Leasing; Arts, Entertainment & Recreation; Health Care & Social Assistance; Educational Services; Management of Companies & Support Services; Professional, Scientific & Technical Services; and Public Administration. The Services PMI report is based on data from purchasing and supply executives nationwide compiled by the ISM.
- The arts and cultural industries sector contributed 4.3% of gross domestic product, totaling $1.1 trillion, to the US economy in 2022, which is an all-time high, according to recent data released by the Arts and Cultural Production Satellite Account (ACPSA), a product of the National Endowment for Arts and the Bureau of Economic Analysis. The overall arts economy grew by 4.8% in inflation-adjusted dollars between 2021 and 2022, a growth rate higher than the US economy during the same time frame. Some segments of the arts industry have not fared as well; the report cited performing arts organizations, non-government museums, and arts-related construction as examples of industries that have yet to reach their pre-pandemic levels of economic value. Total arts and cultural employment recovered to pre-pandemic levels in 2022, reaching 5.2 million workers.
- Consumer confidence levels fell in June 2024, after an uptick in May, according to data from The Conference Board. The Conference Board’s consumer confidence index was 100.4 in June 2024 from 101.3 in May 2024. Dana Peterson, chief economist at The Conference Board, noted that confidence was the highest among those under age 35 and those in the income category of over $100,000. Plans for large appliance and smart phone purchases rose on a six-month basis, while plans for car purchases stalled.
Get A Demo
Vertical IQ’s Industry Intelligence Platform
See for yourself why over 60,000 users trust Vertical IQ for their industry research and call preparation needs. Our easy-to-digest industry insights save call preparation time and help differentiate you from the competition.
Build valuable, lasting relationships by having smarter conversations -
check out Vertical IQ today.