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 (Olan Mills), Picture People, and North American Theatrical Photographers.
Industry Forecast
Photography Studios Industry Growth
Recent Developments
Jul 19, 2024 - Annual Decreases in Prices, Employment
- According to the Consumer Price Index, pricing in the photographers and photo processing segment declined 1.5% in June 2024 year over year and was up 0.3% compared to the previous month. Employment by photography studios fell 8.2% in May 2024 compared to a year ago, according to data from the US Bureau of Labor Statistics (BLS). However, employment has mostly increased during the first five months of 2024 on a month-to-month comparison. Photography studios have struggled to reach pre-pandemic employment levels.
- According to Fortune Business Insights, the global wedding photography market is projected to grow at a CAGR of 8.1%, from $23.4 billion in 2024 to $43.5 billion in 2032. The global wedding photography market was valued at $21.8 billion in 2023. The Asia Pacific and North America regions held the top two positions in the largest market share in the wedding photography market. Driving growth in North America are consumers’ increasing disposable income, the trend of personalized weddings, and the importance of social media platforms in driving trends. The trend of personalized weddings has created a demand for unique and custom-designed photography sessions, per the report. Social media platforms help couples see the latest styles and themes in weddings, including celebrity weddings, which couples may want to imitate.
- The US photography studios industry is projected to grow at a CAGR of 2% from 2024 to 2028, slower than the overall economy's growth, according to a forecast from Inforum and the Interindustry Economic Research Fund, Inc. The report noted that consumer confidence levels are expected to be higher in the forecast period, which bodes well for the professional, scientific, and technical services industries, which include photography studios. Additionally, consumer sentiment has seen a degree of improvement following sustained lower levels. Factors limiting spending are high prices and interest rates, though both are expected to improve in 2024. Post-pandemic, consumer spending has shown slower gains of 2.5% in 2022 and 2.2% in 2023, supported in part by savings compiled by households from federal pandemic relief programs.
- The National Federation of Independent Business (NFIB) monthly jobs report shows that unfilled job openings fell in June 2024, with a seasonally adjusted 37% of small business owners reporting jobs they could not fill. The reading is down five points from May 2024. A seasonally adjusted net 15% of small business owners plan to create new jobs over the next three months, unchanged from May. About 19% of owners reported labor quality as the most important problem facing the business. According to NFIB Chief Economist Bill Dunkelberg, “This summer, small business owners continue to try to hire and find qualified employees for their open positions. The number of small businesses with one or more job openings they can’t fill remains at exceptionally high levels. However, owners are raising compensation at historically high levels to attract and retain employees.”
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