Arts Global Market Report 2024

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 expansion observed in the historical period can be attributed to robust growth in emerging markets, an increase in the global population, government initiatives, the development of the experience economy, a rise in tourism, an increase in concerts, heightened internet penetration, and greater 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 anticipated growth in the forecast period can be ascribed to the rise of independent artists, an increase in arts e-commerce purchases, overall economic growth, higher internet penetration, and the growing use of social media. Key trends expected in the forecast period include the adoption of augmented reality to enhance experiences and entertain audiences, leveraging virtual reality for a more immersive customer experience, embracing mobile ticketing, incorporating ambient scenting in live performances, investing in IoT solutions for increased efficiency, and introducing blockchain-based platforms.

The art market is experiencing a surge in demand for paintings, fueling its growth trajectory. Paintings, a form of visual art, serve as expressions of thoughts and emotions on a two-dimensional canvas. This artistic medium not only supports artists but also contributes to the arts community. For example, in 2021, Artprice recorded 95,900 auctions of Chinese calligraphy and paintings, generating sales of 54,000 works amounting to $3.907 billion. This robust auction activity in the realm of paintings significantly drives the expansion of the art market.

Prominent entities in the art market are directing their efforts towards developing innovative products such as digital art platforms, aiming to offer reliable services to their clientele. These platforms cater to digital artists, providing them with the necessary tools and features for creating digital artwork. Take Sotheby's, for instance, which in October 2021, launched 'Metaverse,' a dedicated NFT marketplace designed for digital artists. Functioning as a bridge between traditional art auctions and the rapidly growing web3 audience, Sotheby's Metaverse operates entirely on-chain, serving as a meticulously curated secondary market for digital collectibles and art. The platform facilitates the buying, selling, and auctioning of digital artworks using cryptocurrency. It also offers educational resources and a community forum for users to engage in discussions and learn about digital art.

Art organizers are employing augmented reality (AR) technology to craft immersive experiences for consumers. AR, the integration of digital information into the user's real-time environment, is being utilized by museums and other institutions to educate and entertain audiences. For instance, the Cleveland Museum of Art employs AR to provide users with interactive access to comprehensive information about each artwork in its collection. Similarly, the Acropolis Museum in Athens, Greece, utilizes AR to animate architectural and sculptural remains, bringing historical artifacts to life for an enhanced viewing experience.

Major companies operating in the arts market report are Live Nation Entertainment Inc., Smithsonian Institution, AMC Entertainment Holdings Inc., Cirque du Soleil, Bolshoi Theatre, Anschutz Entertainment Group, Metropolitan Museum of Art, Poly Culture Group Corporation Limited, Louvre Museum, San Diego Zoo Wildlife Alliance, Saregama India Limited, Tips Industries Limited, Universal Music India, Times Music, T-Series Limited, Sony Music Entertainment India Pvt Ltd., EE-Media, Genjing Records, Ocean Butterflies Music, Pest Productions, Outdustry, Split Works, UMusic, Friends of Air, Head Records, Shock Records, Dew Process, Liberation Music, Plus One Records, Remote Control Records Pty Ltd., MGM Distribution, Hebei fine art, k11 Musea, Ghibli Museum, Edo Tokyo Museum, Hakone Open-Air Museum, Hiroshima Peace Memorial Museum, Calico Museum Ahmedabad, Salar Jung Museum Hyderabad, Ullens centre for contemporary art, Mountain Lu National Park, Giant Panda National Park, Chhatrapati Shivaji Vastu Museum Mumbai, Indian Museum Kolkata, Beijing Great Wall National Park, Beijing Ancient Architecture Museum, Beijing Folk Arts Museum, Beijing Liao and Jin City Wall Museum, Beijing Museum of Contemporary Art, National Museum Delhi, Northeastern China Tiger and Leopard National Park, Potatso National Park, Shennongjia National Park, Zhejiang Qianjiangyuan National Park, Hunan South Mountain National Park, Domino Music, Outside Music, Hipgnosis Songs Fund, Modern Sky, Believe Music, English National Opera, Royal National Theatre, Royal Shakespeare Company, Royal Ballet, Royal Opera, Birmingham Royal Ballet, Rodin Museum, Quai Branly Museum, Vanoise National Park, Ecrins National Park, Mercantour National Park, Snowdonia National Park, Peak District National Park, Yorkshire Dales National Park, Bavarian Forest National Park, Moscow Art Theatre, Russian State Institute of Performing Arts, Russian Institute of Theatre Arts – GITIS, DEREVO, Durov Animal Theater, Lenkom Theatre, Mayakovsky Theatre, Moscow Hermitage Garden, Moscow Pushkin Drama Theatre, Moscow Satire Theatre, Sovremennik Theatre, Stanislavski and Nemirovich-Danchenko Theatre, Kirov, Hortobágy National Park, Kiskunság National Park, Bükk National Park, Fertő-Hanság National Park, Mikailovsky Palace, The State Russian Museum, Lyric Opera of Chicago, Regal Entertainment Group, Carmike Cinemas Inc., Canadian Museum for Human Rights, Royal Ontario Museum, Royal Alberta Museum, Remai Modern, Canadian Museum of Nature, Museo Nacional de Antropología (MNA), Museo Frida Kahlo, MUAC, Cosmovitral Jardín Botánico, Orquideas Moxviqui, Royal Botanical Gardens, Toronto Botanical Garden, Montreal Botanical Garden, Reford Gardens, Calgary Zoo, Edmonton Valley Zoo, Granby Zoo, Guadalajara Zoo, Theatro Municipal de São Paulo, Sala Minas Gerais, Universal Music Latin Entertainment, The Rio de Janeiro Botanical Garden, The Buenos Aires Botanical Garden, Museum of Art Of Sao Paulo, Oscar Niemeyer Museum, Art Museum Of Belem, Museum Of Sacred Arts, Museo de la Plata, Museo Paleontológico Egidio Feruglio, Mundo Marino, Temaiken Biopark, The São Paulo Zoo, Edge Of Arabia, Sharjah Performing Arts Academy, Warner Music Group, Artlist, Deezer, The Dubai Moving Image Museum, Etihad Museum, Dubai Museum, Sharjah Museum of Islamic Civilisation, Sharjah Maritime Museum, Aswan Botanical Garden, Bagh-e-Fin, Doha zoo, Kabul zoo, Tehran Zoological Garden, Sana'a Zoo, Cape Performing Arts Board (CAPAB), The Egyptian Modern Dance Theatre Company, The South African State Theatre, The Playhouse Company, Artscape Theatre, The Market Theatre and the Performing Arts Council of the Free State, Senegal's Museum of Black Civilizations, Zeitz Museum of Contemporary Art, Iziko South African Museum, Kirstenbosch National Botanical Garden, Seychelles National Botanical Gardens, Entebbe Botanical Gardens, Sarius Palmetum Botanical Garden.

Asia-Pacific was the largest region in the art market in 2023. Eastern Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the arts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

The art market includes revenues earned by entities by operating facilities or providing 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, art galleries, and royalties. The market covered in this report does not include revenues from selling artwork and antiques (i.e., through auction houses). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. . The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The main categories of arts encompass museums, historical sites, zoos, parks, independent artists and performing art companies, as well as sports and arts promoters. Sports and arts promoters specialize in organizing, promoting, and managing live performances, sports events, and various gatherings such as fairs, concerts, and festivals. Additionally, they oversee the operation of venues such as arenas, stadiums, and theaters, providing these spaces for rent to other promoters. Revenue streams for these services include media rights, merchandising, ticket sales, and sponsorships, engaging individuals, companies, and other entities.

The art market research report is one of a series of new reports that provides arts services market statistics, including arts services industry global market size, regional shares, competitors with an art market share, detailed arts market segments, market trends and opportunities, and any further data you may need to thrive in the arts industry. This art market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.