Performing Arts Companies
Description
Companies in this industry produce live presentations by actors, dancers, musical groups, and other performing artists. Major companies include the Lyric Opera of Chicago, the Metropolitan Opera, The Public Theater, and the San Francisco Symphony (all based in the US), as well as Cirque du Soleil (Canada) and The Royal National Theatre (UK).
The global market for independent artists and performing art companies is expected to reach about $276.14 billion by 2029, according to the Business Research Company.
The US performing arts industry includes about 9,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $16 billion.
COMPETITIVE LANDSCAPE
Personal income and leisure time drive demand for performing arts. The profitability of individual companies depends on producing performances that audiences want to see and on efficient operations. Large companies have advantages in marketing, fundraising, and attracting star performers. Small companies can compete effectively by specializing in new, unique, or popular works. The US industry is fragmented: the 50 largest companies account for about 30% of revenue.
PRODUCTS, OPERATIONS & TECHNOLOGY
Admissions account for about 60% of the industry's revenue followed by private contributions (20%), and live performing arts performances. Other sources include government contributions, trading securities, as well as meals, snacks, and other food items.
Some organizations have started using blockchain-based mobile ticket delivery to improve security and standardize processes across channels. Companies prepare productions primarily for presentation to live audiences. Companies create or license rights to plays, dances, songs, or other content. They recruit producers, third-party sponsors, and other sources of funding, including grants. Companies hire directors and conductors, performers, costume and set designers, and production crews either per project or on a seasonal or full-time basis. Companies may hire independent grant writers and outsource production and technical work to firms that provide stage, set-building, sound, lighting, or other specialized crews.
Ticket sales ("box-office receipts"), audience size, number of performances, and budget are major industry metrics. Most companies schedule a group of shows well in advance for each performance "season."
Auditions are the main way companies find performers, and rehearsals are the primary means to ensure quality performances. Companies interact with professional performers' agents or managers, who represent entertainers, find appropriate theatrical roles or music engagements, and negotiate on their clients' behalf. Through auditions, companies identify the primary performer for a theatrical role or musical position and a substitute (called an understudy, standby, swing, or cover), who can fill in as needed. Solo performers and some performing arts companies, particularly those that do roadshows, use booking agents to find and secure engagements ("gigs" in the music industry). Companies comply with unions' rules, which include minimum salaries and working conditions for members.
Most symphonies, operas, and theater companies are hierarchical organizations with executive boards and administrative and artistic or music directors, who run the operations, and affiliates, who provide financial support and volunteer. Many smaller organizations combine administrative and artistic responsibilities in a single job and operate somewhat differently than larger groups. An ensemble group's members stay together from season to season, usually share decision-making, and often are community-oriented. A repertory company has a single group of entertainers who perform a variety of shows; performers may be resident with the company or hired for the performance season. Summer stock groups generally present the same or similar repertoire each year, but with different - often new or young - performers each summer. Broadway producers run show-specific organizations, with upfront funding from investors.
The global market for independent artists and performing art companies is expected to reach about $276.14 billion by 2029, according to the Business Research Company.
The US performing arts industry includes about 9,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $16 billion.
COMPETITIVE LANDSCAPE
Personal income and leisure time drive demand for performing arts. The profitability of individual companies depends on producing performances that audiences want to see and on efficient operations. Large companies have advantages in marketing, fundraising, and attracting star performers. Small companies can compete effectively by specializing in new, unique, or popular works. The US industry is fragmented: the 50 largest companies account for about 30% of revenue.
PRODUCTS, OPERATIONS & TECHNOLOGY
Admissions account for about 60% of the industry's revenue followed by private contributions (20%), and live performing arts performances. Other sources include government contributions, trading securities, as well as meals, snacks, and other food items.
Some organizations have started using blockchain-based mobile ticket delivery to improve security and standardize processes across channels. Companies prepare productions primarily for presentation to live audiences. Companies create or license rights to plays, dances, songs, or other content. They recruit producers, third-party sponsors, and other sources of funding, including grants. Companies hire directors and conductors, performers, costume and set designers, and production crews either per project or on a seasonal or full-time basis. Companies may hire independent grant writers and outsource production and technical work to firms that provide stage, set-building, sound, lighting, or other specialized crews.
Ticket sales ("box-office receipts"), audience size, number of performances, and budget are major industry metrics. Most companies schedule a group of shows well in advance for each performance "season."
Auditions are the main way companies find performers, and rehearsals are the primary means to ensure quality performances. Companies interact with professional performers' agents or managers, who represent entertainers, find appropriate theatrical roles or music engagements, and negotiate on their clients' behalf. Through auditions, companies identify the primary performer for a theatrical role or musical position and a substitute (called an understudy, standby, swing, or cover), who can fill in as needed. Solo performers and some performing arts companies, particularly those that do roadshows, use booking agents to find and secure engagements ("gigs" in the music industry). Companies comply with unions' rules, which include minimum salaries and working conditions for members.
Most symphonies, operas, and theater companies are hierarchical organizations with executive boards and administrative and artistic or music directors, who run the operations, and affiliates, who provide financial support and volunteer. Many smaller organizations combine administrative and artistic responsibilities in a single job and operate somewhat differently than larger groups. An ensemble group's members stay together from season to season, usually share decision-making, and often are community-oriented. A repertory company has a single group of entertainers who perform a variety of shows; performers may be resident with the company or hired for the performance season. Summer stock groups generally present the same or similar repertoire each year, but with different - often new or young - performers each summer. Broadway producers run show-specific organizations, with upfront funding from investors.
Table of Contents
- Industry Overview
- Quarterly Industry Update
- Business Challenges
- Business Trends
- Industry Opportunities
- Call Preparation Questions
- Financial Information
- Industry Forecast
- Web Links and Acronyms
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