Photography Studios

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 8,400 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 4-5 workers, and generates about $529,000 annually.

    • The photography studio industry consists of about 8,400 firms that employ about 38,000 workers and generate $4.5 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 (Olan Mills), Picture People, and North American Theatrical Photographers.
                                  Industry Forecast
                                  Photography Studios Industry Growth

                                  Coronavirus Update

                                  Nov 10, 2021 - Some Experts Not Concerned As Drop In New Cases Levels Off
                                  • Demand for holiday photos may be uncertain due to unexpected changes in the number of new COVID-19 infections. The nationwide decrease in new COVID-19 infections leveled off in early November after weeks of rapid decline, just as colder weather and the upcoming holidays drive people indoors. Experts say that the country is in a stalemate between increasing vaccinations and the still-spreading delta variant. Vaccinations are working, and the US likely won't see a major spike like the one that devastated the country at this time last year. The highest infection numbers are in states with low vaccination rates, and in unvaccinated pockets of cold weather states. There could be regional spikes, as some areas worsen while others rebound more quickly. Infections will likely increase during the winter, but experts say that it isn’t a reason to panic. Former Food and Drug Administration Commissioner Scott Gottlieb said in early November that he expects the pandemic will mostly be over for the majority of the US by early 2022.
                                  • Over five million businesses with loans under $150,000 still haven’t submitted their 2021 PPP loan forgiveness applications, according to SBA Administrator Isabella Casillas Guzman. This is not the case for 2020 PPP applicants, as 91% of all loans eligible for direct forgiveness have been submitted.
                                  • About 6% of borrowers who have applied for Paycheck Protection Program (PPP) loan forgiveness have been told that they must pay back some portion of their loans, according to the Small Business Administration. The repayments total more than $27 billion as of early September. Half of borrowers have yet to finish the forgiveness process.
                                  • Some businesses that took PPP loans in 2020 but don't apply for forgiveness soon will need to start making payments on the loan plus interest. The PPP loans will automatically convert to a standard loan at 1% interest if a small business does not apply to the SBA for forgiveness within 10 months of the end of the covered period under which they had to spend the money. For some businesses that received a loan when the PPP launched in April 2020, there was an eight-week covered period, which would put the forgiveness application deadline in the middle of July. For most loans operating under the more popular 24-week covered period, that meant a deadline in September.
                                  • The Knot’s annual wedding study predicts that 2021 and 2022 will be among the busiest years for weddings. Nearly half of the couples (47%) who planned to marry in 2020 but postponed have rescheduled for 2021 and later dates. A majority of couples who got engaged during the pandemic (73%) also set their wedding date for 2021. A third of couples who married in 2020 expect to have big celebrations when the Centers for Disease Control and Prevention ends restrictions larger gatherings.
                                  • Media investment company GroupM projects the global ad marketplace to grow 10.2% year over year in 2021. The US market is expected to increase 6.2%, with digital media growing by 14.1% and accounting for 54% of ad dollars. Photography studios with advertising industry clients are likely to benefit.
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