The Arts by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Arts, The arts market size has grown strongly in recent years. It will grow from $524.43 billion in 2023 to $557.49 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to strong emerging markets growth, growth in world population, government initiatives, growth of the experience economy, rising tourism, increase in concerts, increased internet penetration and increased availability of mobile devices.
The arts market size is expected to see strong growth in the next few years. It will grow to $707.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to emergence of independent artists, increase in arts e-commerce purchases, economic growth, increase in internet penetration and increase in use of social media. Major trends in the forecast period include adopting augmented reality in order to introduce better experience and entertain the audience, adopting virtual reality in order to offer a more immersive experience for customers, adopting to new music platforms to gain more opportunities, offer digital streaming of content, adopting to mobile ticketing, offering ambient scenting in live performances, investing in iot solutions to increase efficiency and introducing blockchain based platforms.
Art organizers are using augmented reality (AR) technology to create real-world experiences 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, the 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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The arts market covered in this report is segmented –
1) By Type: Museums, Historical Sites, Zoos, And Nature Parks, Independent Artists And Performing Art Companies, Sports And Arts Promoters
2) By Revenue: Media Rights, Merchandising, Tickets, Sponsorship
3) By End User: Individuals, Companies, Other End Users
Sub segments: Museums, Historical Sites, Zoos & Botanical Gardens, Nature Parks And Other Similar Institutions, Visual Arts, Performing Arts, Sports Promoters, Arts Promoters
Major companies operating in the art market are focusing on the development of innovative products, such as digital art platforms, to provide reliable services to customers. A digital art platform is a software application or online service that provides artists with the tools and features they need to create digital art. For instance, in October 2021, Sotheby’s, a UK-based broker for auctions and private sales, launched Metaverse, a dedicated NFT marketplace for digital artists. The platform is a bridge between the traditional art auction model and a rapidly growing web3 audience. Sotheby’s Metaverse is a completely on-chain, meticulously curated secondary market for digital collectibles and art. It allows users to buy, sell, and auction digital artworks using cryptocurrency. The platform also features a variety of educational resources and a community forum where users can discuss and learn about digital art.
The arts market report table of contents includes:
1. Executive Summary
2.Arts Market Characteristics
3.Arts Market Trends And Strategies
4.Arts Market analysis
5.Arts Market Size And Growth
6.Arts Segmentation
7.Arts Regional And Country Analysis
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27. Arts Competitive Landscape And Company Profiles
28.Arts Key Mergers And Acquisitions
29. Arts Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Live Nation Entertainment Inc.
- Smithsonian Institution
- AMC Entertainment Holdings Inc.
- Cirque du Soleil
- Bolshoi Theatre
- Anschutz Entertainment Group
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