Page Length: | 10-12 | |
Last Quarterly Update: | 7/22/2024 | |
SIC Codes: | 7221, 7335 | |
NAICS Codes: | 54192 |
Chapters Include: | ||
Industry Overview | Trends & Challenges | Industry Forecast |
Quarterly Industry Update | Call Prep Questions | Website & Media Links |
Business Challenges | Financial Information | Glossary & Acronyms |
Companies in this industry provide still, video, or digital photography services, such as commercial and industrial photography, portrait photography, and special events photography. Major US companies include portrait studios Cherry Hill Programs, Lifetouch, and Picture People, as well as commercial photo service Getty Images. Outside the US, major companies include H Tempest (UK), Studio Alice (Japan), and Visual China Group.
The global photographic services market is expected to reach about $60 billion by 2032, at a compound annual growth rate (CAGR) of 6%, according to Custom Market Insights. Asia-Pacific is a major market, just after North America.
The US photographic services industry includes about 15,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $6 billion.
COMPETITIVE LANDSCAPE
Demand is closely tied to consumer income and corporate marketing activity. The profitability of individual companies depends heavily on effective marketing. Large companies have economies of scale in marketing and production. Small companies can compete effectively by offering specialized services or holding favorable locations. The US photographic services industry is fragmented: the 50 largest companies generate about 40% of revenue.
Providers of photographic services compete with consumers who have adopted a do-it-yourself mentality when it comes to photography, thanks in part to digital cameras embedded in smartphones. A growing number of consumers can now photograph, process, edit, and distribute high-quality pictures with ease, enabling them to bypass professional photo services. ...
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