$16.9bn
$X.Xbn
73,963
7,807
$X.Xbn
The Museums industry is made up of diverse cultural institutions that attract many visitors. The entities can range from art museums and noncommercial galleries that showcase works from various artists and artistic movements to historical museums that collect, preserve and display cultural objects reflecting society’s evolution. Science, nature and technology museums are also a part of this industry, as are military and memorial museums. In recent years, new technologies like virtual and augmented reality experiences have emerged, which allow visitors to access artwork and artifacts in a new way and offer a more immersive experience. However, the popularity of digital educational experiences that proliferated during the pandemic has begun to threaten science, nature and technology museums, as many schools and families find the low cost and high interactivity of digital learning more effective. In the current period, revenue fell at a CAGR of 0.7% to an estimated $16.9 billion, including expected growth of 1.3% in 2024.
Industry revenue has declined at a CAGR of 0.7 % over the past five years, to reach an estimated $16.9bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Smithsonian Institution | 1,519.9 | -29.9 | -2.0 |
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Industry revenue is measured across several distinct product and services lines, including Art museums and galleries, Historical museums and Science, nature and technology museums. Art museums and galleries is the largest segment of the Museums in the US.
Art museums and galleries face digital threats
This industry engages in the preservation and exhibition of artworks and other objects of historical, cultural and educational value. It includes art galleries, art museums and other museums in general. This industry does not include commercial art galleries that sell art products and objects.
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NAICS 71211 - Museums in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Museums are still recovering from the COVID-19 pandemic, which slashed their revenue. Strong years of tourism since have only helped recover a fraction of this shortfall and ...
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Art, history and science museums are adding interactive, tactile elements to exhibits. Curators are betting that enhanced interactivity, specifically allowing visitors to int...
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Museums need tourists to keep income flowing, which is why the largest museums are located near tourist hotspots. For example, New York, Los Angeles, Chicago and Philadelphia...
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Museums rarely compete directly with other nearby locations. Instead, many focus on attracting a more quiet, intellectual crowd.
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Very few museums earn more than 5.0% of revenue, except the government-guided Smithsonian Institution. Museums benefit little from a large market share and external influence...
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Volatile tourism and financial markets added difficulty to museums already struggling to bring in enough money. Even additional philanthropists and government programs couldn...
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Keeping artifacts safe and in immaculate condition remains the dominant cost for most museums. Employee salaries are also a significant expense, but many museums lower wage c...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Museums in the US industry in United States is $16.9bn in 2024.
There are 7,807 businesses in the Museums in the US industry in United States, which has declined at a CAGR of 3.3 % between 2019 and 2024.
The market size of the Museums in the US industry in United States has been declining at a CAGR of 0.7 % between 2019 and 2024.
Over the next five years, the Museums in the US industry in United States is expected to grow.
The biggest company operating in the Museums market in United States is Smithsonian Institution
Art museums and galleries (except retail) and Historical museums are part of the Museums in the US industry.
The company holding the most market share in United States is Smithsonian Institution.
The level of competition is moderate and increasing in the Museums in the US industry in United States.