Arts Global Market Report 2022

Major companies in the arts market include CJ Corp., Live Nation Entertainment, Inc., Cineworld Group plc., AMC Entertainment Holdings, Inc., Smithsonian Institution, Washington, D.C., Cinemark Holdings, Inc., Madison Square Garden Company, PVR Limited, The Metropolitan Opera Association and The State Hermitage Museum.

The global arts market is expected to grow from $275.58 billion in 2021 to $455.37 billion in 2022 at a compound annual growth rate (CAGR) of 65.2%. 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 $795.63 billion in 2026 at a CAGR of 15%.

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 main types of arts services are museums, historical sites, zoos, and parks, independent artists and performing art companies and sports and arts promoters.Sports and arts promoters organize, promote, and manage live performing arts productions, sports events and other events such as state fairs, county fairs, agricultural fairs, concerts, and festivals; and manage and provide the staff to operate arenas, stadiums, theaters or other related facilities for rent to other promoters.

The different revenue sources include media rights, merchandising, tickets, sponsorship and is used by individuals, companies, others.

Asia Pacific was the largest region in the arts services market in 2021.Eastern Europe is expected to be the fastest-growing region in the forecast period.

The regions covered in the arts services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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.

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.

The countries covered in the arts services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.