The state of Professional Photographic Services Australia
The 2018 Ibis World report for Professional Photographic Services Australia has just been released (Report M6991). This report is very comprehensive and provides a snapshot of the industry as it currently is and its outlook for the future. It provides a snapshot of the state of Professional Photographic Services Australia.
Information such as this is essential for any business owner in being able to remain a viable business in today’s economy. Much of what is reported is generally sensed within the photographic community. The report provides concrete economic data and medium-term forecasts for the industry which photographic professionals could take into consideration in the development of their business.
Over several blog posts, I will outline some of the major themes in this report.
The Ibis Reports provide a snap shot of industry-based research for business. Ibis gathers data and researches economic, demographic and government data, and provides key business indicators so businesses can make informed decisions about the future of their industry.
The key phrase of this year’s report for Professional Photographic Services Australia is “Competition from amateur photographers has caused industry exits.” There will be more to follow on this theme. Incidentally, it is a theme which has recurred in the reports over the last few years.
For this first post, I will given an overview of some of the key figures from this report.
The primary activities of this industry are: portrait photography service, professional photography service, studio photography service, street photography service, wedding photography service, and video filming of special events for household use.
Key financial statistics for the 2017-2018 period are:
- Revenue: $1.0bn
- Annual growth: 1.2% (17-18)
- Annual Growth: 1.0% (18-23)
- Profit: $85.9m
- Wages: $527m
- Businesses: 5,634
The external key drivers of this industry are from:
- Real household discretionary income
- Demand from advertising agencies
- Number of marriages
- IT and telecommunications adoption
- Population aged between 5-18
The industry is mature, competition level is high, technology change has a high impact, regulation level is light, barriers to entry are low, and revenue volatility is low.
The adoption of digital cameras by consumers has weakened demand for professional photographers. The number of photography short courses and online tutorials has allowed hobbyists to access the industry. These factors contribute to a subdued spending on professional photography services in the last five years.
There is expected to be a 0.4% decline in growth due to fewer marriages and lower discretionary income available for households.
School and wedding photography maintains a strong presence in the industry. Portraiture is negatively affected due to availability of high quality camera technology and consumer access. However, reputable and experienced photographers with a strong client base still continue to buck this trend.
More to follow in the next post.
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