Mini Market Analysis
How much of the market have you captured in your region? And what’s one big growth opportunity that you’re probably ignoring?
The Market Size Calculator is designed to help arts leaders estimate the potential market size for their discipline in their region. In addition, it provides a market size comparison alongside the wellness market.
This tool is particularly useful for understanding the audience-building potential of targeting customer-focused outcomes.
The calculator is provided for informational purposes only and is intended to offer general guidance. The results generated are based on the input data and assumptions provided by the user. There is no guarantee of applicability to your specific situation. Users should independently verify any information before making business decisions based on the calculator’s results. Culture for Hire is not responsible for any errors or omissions, or for any actions taken based on the information provided by this tool.
Using the Calculator
Inputs:
Discipline: Select the discipline from the dropdown menu. The corresponding interest percentage will be used in calculations.
Population Size: Enter the total population of the region you serve.
Annual Attendees: Enter the total number of annual attendees for your discipline. This should be the total number of unique annual attendees—meaning each person is counted only once regardless of how many events they attend. (This approach aligns with the NEA data, which tracks the number of US adults who have attended a specific discipline at least once, and provides a meaningful comparison with the wellness data from the McKinsey report, which focuses on individual consumers prioritizing wellness.)
Calculations:
Market Size for Discipline:
Market Size = (Interest Percentage / 100) × Population Size
Example: For a population of 500,000 and a discipline interest of 4.6% (Classical Music):
Market Size = (4.6 / 100) × 500,000 = 23,000
Market Capture Percentage:
Market Capture Percentage = (Annual Attendees / Market Size) × 100
Example: With 5,000 annual attendees and a market size of 23,000:
Market Capture Percentage = (5,000 / 23,000) × 100 = 21.74%
Wellness Market Size and Additional Attendees:
Wellness Market Size = (82 / 100) × Population Size
Additional Attendees = (5 / 100) × Wellness Market Size
Example: For a population of 500,000:
Wellness Market Size = (82 / 100) × 500,000 = 410,000
Additional Attendees = (5 / 100) × 410,000 = 20,500
Contextual Usage in Broader Analysis
Strategic Planning:
Use the calculator to identify potential market opportunities and understand the size of the market you are serving. Compare your current market capture rate to identify areas for growth.
Marketing Strategy:
The calculator can help you tailor your marketing efforts by highlighting the potential relevance of wellness outcomes. Integrate wellness messaging into your campaigns to potentially tap into a broader audience.
Resource Allocation:
Use the insights from the calculator to allocate resources effectively. For example, if the wellness market shows significant potential, consider investing more in programs and promotions that emphasize wellness benefits.
Benchmarking and Goal Setting:
Set realistic goals based on the market capture percentage. Benchmark your performance against these goals to track progress and adjust strategies as needed.
Comprehensive Analysis:
When crafting a well-rounded strategic plan, it’s important to combine the insights from this calculator with other tools and data, such as qualitative interviews, audience surveys, competitive analysis, and financial projections.
Data Sources
Interest Percentages for Disciplines:
The percentages used for each discipline (e.g., 17.7% for Art Museums/Galleries) are based on the 2022 national Survey for Public Participation in the Arts from the National Endowment for the Arts. Learn more here.
Wellness Market Data:
The wellness market data, stating that 82% of the population considers wellness a top priority, is derived from a 2024 McKinsey report on consumer behavior and wellness trends.
Assumptions
Discipline Interest Percentages:
These percentages represent the proportion of the population interested in or participating in each discipline. Learn more here. They are averages and may vary by region.
Population Size:
Users input the population size of their region. This number should be based on the most recent census data or local demographic reports to ensure accuracy. Find your population size here.
Annual Attendees:
Users input the total number of annual attendees for their events or organization. This should be based on actual attendance records whenever possible. Use the total number of unique annual attendees—meaning each person is counted only once regardless of how many events they attend.
Market Penetration Rate for Wellness:
The assumption that marketing the wellness outcomes of an art form can penetrate 5% of the wellness market. This is a conservative estimate based on similar market penetration rates observed in other wellness-related industries.