Industry trends:

In the NAICS 71119 category, encompassing other performing arts companies, several qualitative trends have emerged recently. One notable trend is the increasing emphasis on digital and virtual performances. The COVID-19 pandemic accelerated the shift toward online platforms, leading many performing arts companies to invest in high-quality digital content and streaming services. This trend is expected to continue as audiences have become more accustomed to consuming arts digitally, providing a larger, more diverse audience base.

Another significant trend is the growing focus on diversity and inclusion within the industry. Performing arts companies are increasingly highlighting underrepresented voices and stories, which has not only diversified their offerings but also attracted a broader audience. Partnerships and collaborations with artists from varying backgrounds are becoming more common, enhancing the richness of the cultural offerings.

Moreover, there's a notable shift towards sustainability in production processes. Companies are becoming more mindful of their environmental impact, using eco-friendly materials and reducing waste. This move aligns with a broader global trend towards sustainability and is becoming a key differentiator for audiences who value environmentally conscious entertainment.

In the near future, these trends are likely to gain more momentum. With technological advancements, we can expect even more innovative virtual experiences. The push for diversity and inclusion will continue to reshape programming and artist collaborations. Lastly, sustainability will become an even more ingrained aspect of production, as it resonates with the values of increasingly environmentally-aware audiences.

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