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| Products/Services Breakdown | |
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| Financial Metrics | |
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| Public Company Information | |
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2023 U.S. Industry Statistics & Market Forecast - Photography
Market Size & Industry Statistics
The total U.S. industry market size for Photography:
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 | 2017 2018 2019 2020 2021 2022 | |
|---|---|---|
| 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 / six-year demand forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|
| Market Forecast ($ millions) | ||||||
| Projected Industry Growth Rate (%) | ||||||
Industry Insights
The photographic services industry has seen a shift in consumer behavior towards technological advancements, social media, and cost-effectiveness. The rise of smartphones with advanced cameras has made it easier for people to capture high-quality photos, reducing the demand for professional photographic services. However, professional photographers are increasingly adapting to the trend by leveraging new technologies such as drone photography, 360-degree cameras, and virtual reality.The industry has also experienced a growth in demand for photo editing and retouching services, especially for images shared on social media platforms. The need for fast turnaround times and cost-effective services has led to the emergence of on-demand photography services and photo editing software.
Another trend in the photographic services industry is the shift towards eco-friendly and sustainable practices. Many photographers are adopting environmentally-friendly techniques, such as using energy-efficient equipment, green packaging, and reducing paper wastage.
Additionally, the rise of e-commerce has led to an increase in product photography services to aid in the online marketing of products. The demand for high-quality images for digital platforms has also led to collaborations between photographers and brands for influencer marketing.
Lastly, the industry is seeing an increase in the use of artificial intelligence (AI) and machine learning to assist in image recognition and data analysis. This technology is being leveraged to automate certain aspects of photographic services, such as facial recognition for event photography, reducing manual labor and increasing efficiency.
Product & Services Breakdown
Research products and services in the Photography 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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Digital Photo And Photofinishing Services |
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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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Commercial Or Industrial Photography Services |
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Other Photography 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) | |
|---|---|---|
| Total Revenue | Order at top of page |
|
| 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 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 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 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 |
||
| 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 Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Photography 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 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 industry. |
Source:
Government Contracts
In 2022, the federal government spent a total of $11,489,313 on Photography. It has awarded 146 contracts to 67 companies, with an average value of $171,482 per company.| Most Recent Contracts | Date | Total Award Amount |
|---|---|---|
| ARTISTIC CONCEPT INC 3600 Frederica Rd Ste 5 Saint Simons Island, GA | Jun 06, 2023 | $8,510 |
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