DUBLIN, Aug. 11, 2021 /PRNewswire/– The “Arts Global Market Report 2021: COVID-19 Impact and Recovery to 2030” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with critical information they need to assess the global arts market as it emerges from the COVID-19 shut down.
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 $552.57 billion in 2025 at a CAGR of 8%.
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Where is the largest and fastest growing market for the arts? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Arts market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider arts market, and compares it with other markets.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
Market segmentations break down market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
The arts market section of the report gives context. It compares the arts market with other segments of the recreation market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, arts indicators comparison.
Major companies in the arts services market include Smithsonian Institution; Cirque du Soleil; The Paris Opera Ballet; WWE and The Metropolitan Opera Association.
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.
Source: PR Newswire