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2024 U.S. Industry Statistics & Market Forecast - Photography Studios, Portrait
Market Size & Industry Statistics
The total U.S. industry market size for Photography Studios, Portrait:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|
| Market Forecast ($ millions) | |||||
| Projected Industry Growth Rate (%) | |||||
Industry Insights
Major trends affect the Photography Studios, Portrait industry include:- Increased demand for digital photography
- Shift toward mobile photography platforms
- Growth in online photo galleries and portfolios
- Preference for natural, candid, and storytelling photography styles
- Rise in demand for personalized and customized photography services
- Use of advanced imaging technologies like HDR and panoramic views
- Integration of drones for unique aerial shots
- Social media's influence on photography styles and trends
- Adoption of eco-friendly practices and sustainable materials
- Increasing popularity of video content along with traditional photography
- Enhanced focus on niche markets (pet photography, newborn photography, etc.)
- Growing importance of online marketing and SEO for photographers
- Collaborations with influencers and brands
- Expansion of DIY photography with advanced amateur equipment
- Transition to remote photo shoots and virtual consultations
Product & Services Breakdown
Research products and services in the Photography Studios, Portrait industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Portrait Photography Services |
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General Individual And Group Portrait Photography Services |
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School Portrait Services |
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Wedding Photography Services |
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Wedding Still Photography Services |
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Other Special Event Photography Or Video Services |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) |
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|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Photography Studios, Portrait company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Photography Studios, Portrait industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Photography Studios, Portrait measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 6% | Order at top of page |
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| Top Executives | 5% | |||
| Chief Executives | 0% | |||
| General and Operations Managers | 5% | |||
| Arts, Design, Entertainment, Sports, and Media Occupations | 60% | |||
| Media and Communication Equipment Workers | 56% | |||
| Photographers | 52% | |||
| Photographers | 52% | |||
| Office and Administrative Support Occupations | 17% | |||
| Information and Record Clerks | 5% | |||
| Other Office and Administrative Support Workers | 6% | |||
| Office Clerks, General | 5% | |||
| Office Clerks, General | 5% | |||
| Production Occupations | 5% | |||
Photography Studios, Portrait Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Photography Studios, Portrait industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Photography Studios, Portrait industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Photography Studios, Portrait industry. |
Source:
Innovation News
- Jan 25, 2024: Photon Ventures trademarks "CARTURA" - Downloadable augmented reality software for overlaying wireframes and visual guides for controlled imaging; Downloadable computer software for image and video capture, editing, and cataloging; Downloadable computer software for organizing and viewing digital images and photographs; Downloadable computer software for processing digital images; Non-medical imaging devices for guided photography with wireframes and visual guides
- Oct 13, 2023: Freed Photography trademarks "SHARE A SMILE" - Photography; Photography services; Portrait photography services
- Jul 12, 2022: Freed Photography trademarks "FREED SPIRIT" - Photography services
- Mar 28, 2019: Photon Ventures patents Imaging Apparatus For Professional-quality Photography Of Objects
- Mar 28, 2019: Photon Ventures patents Imaging Apparatus For Professional-quality Photography Of Objects
- Aug 16, 2018: Freeze Frame patents Interactive Guest Image Capture Using Video Wall/floor/ceiling Displays For Selections Of Background Scenes, And Selection/distribution Of Customized Souvenir Portfolios Including Merged Images/sound
- Aug 07, 2018: Image Relay raises $1 million in funding.
Recent Federal Contracts for Photography Studios, Portrait
- Feb 13, 2024: ARTISTIC CONCEPT INC (Saint Simons Island, GA) awarded $75,064
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