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Arts Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Arts Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021
  • 400 pages
  • ID: 6018835
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the arts services market include Smithsonian Institution; Cirque du Soleil; The Paris Opera Ballet; WWE and The Metropolitan Opera Association.

The global arts market is expected to grow from $347.53 billion in 2020 to $405.05 billion in 2021 at a compound annual growth rate (CAGR) of 16.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $552.57 billion in 2025 at a CAGR of 8%.

The arts services market consists of sales of arts services and related goods by entities (organizations, sole traders and partnerships) that operate facilities or provide services for cultural, entertainment and recreational interests such as producing live performances or events and preserving and exhibiting objects of the art-related interests of patrons. Revenues in this market include entry fees to theatres and art galleries and royalties. The arts market is segmented into museums, historical sites, zoos, and parks; independent artists and performing art companies and sports and arts promoters.

Asia Pacific was the largest region in the global arts market, accounting for 31% of the market in 2020. Western Europe was the second largest region accounting for 31% of the global arts market. Africa was the smallest region in the global arts market.

Independent formats are offering new platforms for new talent to promote their music. Since music recording companies are often averse to taking risks with new talent, artists are making use of social media and music streaming platforms and are taking charge of their own personal marketing and distribution. Social media platforms have created a new means of connectivity and marketing opportunity for the artists. For instance, iTunes, Spotify, Pandora, and YouTube are some platforms widely being used by music artists to promote their work.

Art organizers are using augmented reality (AR) technology to create real world experience for customers. Augmented reality is the integration of digital information with the user’s environment in real time. Museums and zoos are now using augmented reality as a tool to educate and entertain the audience by creating a visual tour guide and displaying 3D content in a real-world camera view. For instance, Cleveland Museum of Art is using augmented reality technology to let users interact and access the most current and comprehensive information about every piece of artwork in the museum. In Acropolis Museum in Athens, Greece, the team used AR technology to bring a collection of architectural and sculptural remains to life.

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