The creation of a company as an artist can present a significant financial challenge, suggests a recent study. The Creative Independent's study of the financial status of visual artists reveals that 60% of artists who responded to a survey earned less than half of the average US household.
Even with this terrible revelation, half of the artists were optimistic about the future, stating that they would be financially stable on the road. This according to Willa Köerner, who wrote about it in a post on the blog Kickstarter. Kickstarter launched The Creative Independent in 2016 as a creative resource.
Visual artists today and almost all artists, in general, operate as small businesses. They support their business by selling directly to their customers and by working or running a business in the same field. With so many challenges, the only things that move them forward are the love and passion for their creative output.
The virtual artists who responded to the survey on their financial stability consisted of 1,016 people from 52 countries around the world. They chose three main formats or media for their art. Among participants, 68% of respondents create two-dimensional artworks, while 34% create digital work, 31% create 3D work and 27% create video.
An investigation reveals the average salary of a visual artist and financial stability
To know whether artists were financially stable or not, it was necessary to establish what it means to be financially stable.
For most respondents, The Creative Independent said it meant "having enough money to cover basic expenses and save money reliably".
So how financially stable are these artists now?
On a scale of 1 to 10, the median ranking of financial stability was 5. There were also respondents on both sides of the spectrum. For example, 12% of respondents rated their financial stability as 1 or not at all financially stable, while 3% rated their situation as 9 to 10 – or completely financially stable. But what does an artist have to earn to be at the top or bottom of the ladder?
The median income was $ 20-30K per year, with nearly 60% of respondents reporting less than $ 30K per year. The study showed that the median household income in the United States was about $ 58,000 a year in 2016.
Only 22% of respondents reported making $ 50,000 to $ 60,000 or more, and 17% reported doing more.
When earning money, 61% of artists cite self-employment or contract work as a source, while 41% report gaining jobs related or not to their field – or family support or job placement. 39; inheritance.
The art market in the digital ecosystem of today
The digital ecosystem offers artists more options when it comes to selling their work or finding customers for commissioned parts. And artists can do it from anywhere, giving them a global platform for their talent.
Artists no longer depend on agents, galleries or limitations of the past.
You can read the rest of the data on the survey here.
Photo via Shutterstock