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.
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