Libraries & Archives
The Libraries and Archives industry benefitted from rising government funding over the five years to 2018. During the period, low unemployment and rising discretionary income boosted tax revenue and resulted in states and local municipalities expanding public library funding. Similarly, federal funding to public libraries has risen during the period. Private libraries, which are funded through membership fees and endowment funds, also experienced growing revenue as strong growth in disposable income made consumers more willing to purchase private library memberships. Over the five years to 2023, IBISWorld forecasts that industry revenue will expand, albeit at a slower pace. State and local government funding is expected to slacken as growth in per capita disposable income decelerates, limiting increases in tax receipts. Additionally, according to the American Library Association, library visit frequency is correlated with education levels. As the number of students marginally increases over the next five years, demand for library services is projected to grow further. Despite these positive trends, the industry will continue to experience competition from online data resources and other forms of entertainment.
Industry establishments provide library or archiving services, maintaining collections of documents for informational, research, educational or recreational needs. Libraries store historical documents, photographs, maps, audio material and audiovisual material, and make them accessible to the public. This industry includes both public and private libraries, but excludes university libraries, corporate libraries and establishments that do not primarily provide library services.
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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