"Inkonomics": Ink and Economics, The Emerging Business Model of the Tattoo Studio
Over decades, the tattoo industry has evolved from an informal creative trade, servicing smaller groups or gang-affiliated groups, into micro-enterprises that make up the majority of body modification service providers. Once limited to 'underground' studios or gang controlled communities, tattooing is now a very popular art form, with business Fortune Insights valuing the industry at $1.89 billion in 2022, around $2.04 billion in 2023, and a projected value of $3.93 billion by 2030; with a compound annual growth rate of approx. 9.87%. Unlike other industries, there is no regulatory board that the tattoo industry and its service providers report to. So statistics are limited, and the information that follows is a representation of my experience and observation of the industry; in Durban South Africa. Globally considered, a major shift in the industry, is that tattoo artist are not just body modification artist but; entrepreneurs, brand strategists and influencers. We will exp...