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
Jan 23, 2025 - Employment Falls, Services Sector Activity Up
- Employment by photography studios decreased 6.3% in October 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. Economic activity in the services sector expanded in December 2024 for the sixth consecutive month, according to the Services ISM Report on Business. The Services PMI registered 54.1% in December, up 2 percentage points from November. Nine of the 18 services industries reported growth in December, including Finance & Insurance; Arts, Entertainment & Recreation; Retail Trade; Health Care & Social Assistance; Transportation & Warehousing; Public Administration; Accommodation & Food Services; Wholesale Trade; and Utilities. Industries reporting a contraction in December include Real Estate, Rental & Leasing; Educational Services; Agriculture, Forestry, Fishing & Hunting; Professional, Scientific & Technical Services; Information; and Management of Companies & Support Services.
- Businesses in the wedding industry are seeing lower bookings and significant budget and guest list cuts, according to a Q4 2024 “The State of the Wedding Market” survey from The Wedding Report. About 22% of businesses saw bookings drop by more than 25% in 2024, while nearly 30% saw bookings fall by a slight to moderate amount. On a brighter note, about 30% recorded slight to moderate increases in bookings. Survey respondents included photographers, venues, planners, and florists. The survey also found that 35% of couples are trimming wedding guest lists by 10-25%, and 30% of businesses are seeing wedding budgets down by 10-25% as couples prioritize smaller, more intimate ceremonies. The wedding industry is facing challenges with finding and converting leads (48%), rising costs (17%), and couples delaying their wedding decisions (14%).
- Consumer confidence levels declined in December 2024, falling by 8.1 points from the previous month, according to The Conference Board. The Consumer Confidence Index was 104.7 in December 2024 from 112.8 in November 2024. Dana Peterson, chief economist at The Conference Board, noted that those remaining most confident on a six-month moving average basis confidence were those aged under 35 and those in the income category of over $100,000. Per Peterson, “The recent rebound in consumer confidence was not sustained in December as the Index dropped back to the middle of the range that has prevailed over the past two years.” Purchasing plans for homes decreased while plans to buy new cars and big-ticket items rose in December 2024 on a six-month average basis.
- The National Federation of Independent Business (NFIB) monthly jobs report shows that unfilled job openings declined in December 2024, with a seasonally adjusted 35% of small business owners reporting jobs they could not fill. The reading is down one point from November 2024. A seasonally adjusted net 19% of small business owners plan to create new jobs over the next three months, up one point from November. About 20% of owners reported labor quality as the most important problem facing the business. According to NFIB Chief Economist Bill Dunkelberg, “Finding qualified workers remained a major headwind for stronger job growth on Main Street in December. In the meantime, compensation increases have softened among small businesses, but remained solid as the year came to an end.”
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