Photography Services, Portrait and Commercial, generated annual revenue of $36 billion

Insight: The global photography services, covering portrait and commercial, was valued at $36.15 billion in 2018. This industry is expected to grow annually by 5% globally. Other relevant statistics and market size can be found below.

Portrait photography services

Photography Services Market Research Requirements

Market research on the photography services with the following scope: 

1) Determine the possible number of people who use these services, i.e. for travel and/or family activities in the past 2 years and the projected number.

2) The scope would be global or if global figure is not possible, regional figure would be sufficient such as Europe, America, or Asia. 

3) Any other relevant statistics that could be found including the average spending or the total spending for this service.

PHOTOGRAPHY SERVICES MARKET OVERVIEW

Overall, the global photographic services, covering portrait and commercial, was valued at $36.15 billion in 2018. This industry is expected to grow annually by 5% globally. 

For the purpose of this research, and since global figures and statistics to analyze data were not made available, we concentrate on looking and analyzing the United States market. We calculated the estimated number of people using portrait services. In this research, portrait photography are services made by professional photographers which covers special events, like for family gatherings, weddings, birthdays, newborn portraits, individual portraits, boudoir photography, and all others.

Below, we presented our summary in graph form. How we determine or obtain these figures were explained in detail in the “findings” section of this report.

Portrait Photographic Services Market Value in the United States
Portrait Photographic Services Market Value in the United States
Total number of people using portrait services in the United States
Total number of people using portrait services in the United States

FINDINGS

GLOBAL PHOTOGRAPHY SERVICES MARKET SIZE

According to Market Research, the global photographic services (covering both portrait studios and commercial studios) was valued at $36.15 billion in 2018 and will record an annual growth rate of 5% until 2023. The United States accounts for the largest market recording a 42.6% market share (about $15.4 billion), followed by Asia Pacific with 26.1% share and Europe at 20.9%.

PORTRAIT PHOTOGRAPHIC SERVICES

The portraiture photography services pulled in a total revenue of $4.45 billion in 2018 in the United States alone. Back in 2016, the annual revenue of this sector was $4.25 billion and expected to reach $4.57 billion revenue by 2020. By calculation, the industry is growing by 1.83% annually.

Portrait photography services average cost

The current average cost of portrait photography services is between $170 to $230 (or a median average of $200) per session, depending on the photographer’s reputation, geographic location, the number of edited final digital photos, the number of prints, the subject of the portrait, the number of people in the portrait, the location(s) of the portraits, and the size of the photography business. The analyzed portrait photography includes subject of portraits, individual portrait, family portraits, newborn portraits, senior portraits, boudoir photography, among others. 

Back in 2016, the average cost was between $125 to $300 or a median average of $212.50. In 2018, the average cost was between $200 to $210 per session (or a median average of $205).

If we analyze the trend above, the average rate per year is decreasing by about 2%. Thus, using this percentage to summarize yearly average;

[Calculations: average cost of portrait services per session]

  • 2016 = $212.50
  • 2017 = $212.5/1.02 = $207.50
  • 2018 = $205
  • 2019 = $200
  • 2020 = $200/1.02 = $196.08
  • 2021 = $196.08/1.02 = $192.23
  • 2022 = $192.23/1.02 = $188.46
  • 2023 = $188.46/1.02 = $184.77
  • 2024 = $184.77/1.02 = $181.15

Average income of a photographer in the United States

Next, we will determine the average income of a photographer in the United States from the US Census Bureau database.

From the above figure, we calculated that the average income was declining at about 4.81%. Using this percentage to calculate yearly averages;

[Calculations: average income of a photographer]

  • 2016 = $42,640
  • 2017 = $41,940
  • 2018 = $38,640
  • 2019 = $38,640/1.0481 = $36,866.71
  • 2020 = $36,866.71/1.0481 = $35,174.80
  • 2021 = $35,174.80/1.0481 = $33,560.54
  • 2022 = $33,560.54/1.0481 = $32,020.36
  • 2023 = $32,020.36/1.0481 = $30,550.87
  • 2024 = $30,550.87/1.0481 = $29,148.81

Number of people using portrait services

To determine the number of sessions (assuming one session represent one person using the service), we divide the average annual income by the average cost of portrait services per year.

[Calculations: number of people using portrait services per photographer annually]

  • 2016 = $42,640 / $212.50 = 201
  • 2017 = $41,940 / $207.50 = 203
  • 2018 = $38,640 / $205 = 189
  • 2019 = $36,866.71 / $200 = 185
  • 2020 = $35,174.80 / $196.08 = 180
  • 2021 = $33,560.54 / $192.23 = 175
  • 2022 = $32,020.36 / $188.46 = 170
  • 2023 = $30,550.87 / $184.77 = 166
  • 2024 = $29,148.81 / $181.15 = 161

Total number of portrait photographers in the United States

[Calculations: total number of portrait photographers in the United States]

  • 2016 = $4.25 billion / $42,640 = 99,672
  • 2017 = $4.37 billion / $41,940 = 104,197
  • 2018 = $4.45 billion / $38,640 = 115,166
  • 2019 = $4.52 billion / $36,866.71 = 122,604
  • 2020 = $4.57 billion / $35,174.80 = 129,923
  • 2021 = $4.65 billion / $33,560.54 = 138,556
  • 2022 = $4.74 billion / $32,020.36 = 148,031
  • 2023 = $4.83 billion / $30,550.87 = 158,097
  • 2024 = $4.91 billion / $29,148.81 = 168,446

Total number of people using portrait services in the United States

[Calculations: total number of people using portrait services in the United States]

  • 2016 = 99,672 * 201 = 20.03 million
  • 2017 = 104,197 * 203 = 21.15 million
  • 2018 = 115,166 * 189 = 21.77 million
  • 2019 = 122,604 * 185 = 22.68 million
  • 2020 = 129,923 * 180 = 23.39 million
  • 2021 = 138,556 * 175 = 24.25 million
  • 2022 = 148,031 * 170 = 25.17 million
  • 2023 = 158,097 * 166 = 26.24 million
  • 2024 = 168,446 * 161 = 27.12 million

PHOTOGRAPHER’S EQUIPMENT SPENDING

According to a research, the United States will be spending a total of $3.1 billion of photography equipment for the purpose of these services. Assuming that 29% of these spending accounts for portrait services, then about $899 million will be spent by portrait photographers. If the US have 115,166 portrait photographers in 2018, then the average spending per photographer is $7,806.

SOURCES:

  1. Global Photography Services Market 2019-2023 | Growing Use of Technologically Advanced Services in Photography to Boost Demand | Technavio
  2. Photographic Services Market covering Portrait Studios Services; Commercial Studios; Global Briefing 2019
  3. Photography in the US – Industry Data, Trends, Stats
  4. Portrait Photographer Cost For Seniors, Families | 2020 Prices (avg)
  5. How Much Should Photographers Charge In 2016?
  6. Photographers
  7. Photographers
  8. Photography Market Research Reports & Photography Industry Analysis

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