Museums are feeling the pinch as public funding declines and operational costs grow. But don’t worry—there are creative ways to boost your financial health without losing sight of your mission. Two recent studies offer fresh ideas to help museums thrive while connecting more deeply with their audiences.

Make the Most of What You Offer
The first study, “Value Capture for Nonprofits: The Case of Museums’ New Business Models” (Thomas & Tobelem, 2024), urges museums to think more like entrepreneurs. Museums create tremendous value through exhibitions, programs, and digital content—but often struggle to turn that value into income. The solution? Find ways to align financial opportunities with what you already do best.

For instance, you could:

• Introduce tiered pricing for digital experiences, like charging for premium virtual tours.
• Partner with local businesses to create themed events that support your mission.
• Offer exclusive experiences, like behind-the-scenes access, for a fee.

These strategies not only bring in revenue but also allow museums to stay true to their values. The takeaway: look at what you already offer and think creatively about how to monetize it in a way that feels authentic.

Engage Your Community Through Crowdfunding

Crowdfunding can do more than raise funds—it can build stronger connections with your supporters. According to “Crowdfunding in the Museum Context” (Najda-Janoszka & Sawczuk, 2024), campaigns that offer rewards—like exclusive content, branded merchandise, or VIP experiences—get better results than only asking for donations.

To make your campaign successful, keep these tips in mind:

• Clearly define your goals and why they matter.
• Offer different reward tiers to appeal to a range of donors.
• Use social media and email to keep people excited and informed.

One example? A museum might crowdfund for a new exhibit by offering backers a chance to attend a private opening night or receive a limited-edition print inspired by the exhibit.

What This Means for You

These two strategies—value capture and crowdfunding—work together to address different needs. While value capture strengthens your overall financial model, crowdfunding helps with short-term projects and audience engagement. Both require a shift in mindset: think creatively, focus on your audience, and don’t be afraid to try something new.

Whether it’s launching a crowdfunding campaign or finding new ways to generate income from your programs, these ideas are about more than just finances—they’re about making your museum more resilient and connected to the people you serve.

Citations

• Thomas, F., & Tobelem, J. M. “Value Capture for Nonprofits: The Case of Museums’ New Business Models. International Studies of Management & Organization (November 8, 2024), 1-17. https://doi.org/10.1080/00208825.2024.2424662
• Najda-Janoszka, M., & Sawczuk, M. “Crowdfunding in the Museum Context: Exploring Alternative Approaches to Financial Support.” Entrepreneurial Business and Economics Review, 12, no. 3 (2024), 83-97. https://doi.org/10.15678/EBER.2024.120305