Museums, Zoos & Parks Industry Overview

Excerpt from Museums, Zoos & Parks Report

The US museums, zoos, and parks industry includes about 6,600 companies with combined annual revenue of about $13 billion. Major institutions include the Smithsonian, the Metropolitan Museum of Art, and the San Diego Zoo. Most museums, zoos, and parks are nonprofit. The industry is fragmented: most institutions operate a single facility.

Competitive Landscape

Demand is partly linked to growth in local income and to tourist travel. The profitability of individual institutions depends largely on good marketing. Large institutions have the advantage of name recognition. Small institutions can compete successfully by concentrating on specialty topics, or by operating in a favorable location. The industry is labor-intensive: average annual revenue per worker is $100,000.

Products, Operations & Technology

There are approximately 700 million visits to museums and zoos each year, according to the American Association of Museums. The number of visitors differs according to the type of institution: Museums account for about 70 percent of industry revenue, while zoos and botanical gardens generate about 20 percent. Museums, zoos, and parks provide exhibits and may also sell food and merchandise. Some parks provide overnight accommodations or campsites. Operations revolve around the care and exhibition of objects or animals, which require workers with special knowledge or skills. Academic research may also be an important function.