The industry in the US includes about 4,000 museums, 500 zoos, and 500 nature parks, with combined annual revenue close to $9 billion. National parks and museums are not included. Large institutions with more than $100 million of annual revenue include the Zoological Society of San Diego (San Diego Zoo), The Metropolitan Museum of Art, and The Art Institute of Chicago. Museums account for about 70 percent of industry revenue, zoos for 20 percent. Most museums, zoos, and parks are nonprofit. The industry is fragmented: most institutions operate a single facility.
COMPETITIVE LANDSCAPE
Demand is partly linked to growth in local income and to tourist travel. The profitability of individual institutions depends largely on good marketing. Large institutions have the advantage of name recognition. Small institutions can compete successfully by concentrating on specialty topics, or by operating in a favorable location. The industry is labor-intensive: average annual revenue per worker is $75,000.
PRODUCTS, OPERATIONS & TECHNOLOGY
Museums, zoos, and parks provide exhibits, and may also sell food and merchandise. Some parks provide overnight accommodations or campsites. Operations revolve around the care and exhibition of objects or animals, which require workers with special knowledge or skills. Academic research may also be an important function.
The number of visitors varies substantially by institution type. Zoos typically have 500,000 annual visitors; science museums 180,000; botanical gardens 120,000; children's museums 85,000; and art museums 60,000, according to the American ...
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