Museums, Zoos & Parks
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.
Opportunities
Increasing Use of Interactive Technology - Museums and other institutions can create new kinds of engaging exhibits using interactive technologies. Advanced video technologies could be used to create personalized experiences tailored...
Business Challenges
Heavy Dependence on Economic Climate - Visitor attendance and other fundraising activities by institutions are heavily influenced by the overall health of the economy, specifically government budgets, corporate profits, stock prices,...