In the spotlight: Improving levels of disposable income and recreational spending will drive industry growth
Fine arts schools enjoyed solid revenue growth in the years leading up to the pandemic as spending on leisure activities and disposable income were on the rise. When the COVID-19 pandemic began to spread, though, fine arts schools were forced to contend with plummeting enrollment as lockdowns prevented social gathering and skyrocketing unemployment left many unable to partake in their favorite recreational pastimes. As the pandemic began to subside and fine arts schools were once again able to open their doors, attendance returned revenue jumped in 2021 and 2022. This began to offset the massive drop in revenue in 2020, though growth was severely slowed as widespread inflation left many with little disposable income. Still, industry-wide revenue has been growing at an annualized 0.6% over the past five years to $7.0 billion. This includes a jump of 4.2% in 2023, when revenue expected to finally surpass pre-pandemic levels.
This industry includes operators that offer instruction in the fine arts, including dance, drama, music and the visual arts. The industry does not include programs that offer academic degrees or diplomas. Commercial and graphic arts and commercial photography instruction are also excluded from this industry, as these subjects are accounted for in the Trade and Technical Schools industry (report 61151).
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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