The Business of Museums explores the financial intricacies of running cultural institutions, emphasizing that financial stability is crucial for museums to thrive and fulfill their artistic missions. It addresses the common misconception that museums can survive on art alone, revealing the complex interplay of revenue generation, cost management, and economic impact that ensures their longevity. For instance, many don't realize that museums rely heavily on earned income through admissions, retail, and membership programs, in addition to fundraising and grants.
The book navigates the challenges of balancing artistic integrity with financial sustainability, providing a practical, solution-oriented approach to museum finance. It examines various revenue models, dissects public and private funding, and highlights the importance of strong governance and leadership. Readers will gain insights into financial statements, budget planning, and fundraising techniques. Case studies and financial reports from diverse museums illustrate successful and unsuccessful financial strategies.
The book progresses through core economic principles, revenue models, and governance, offering actionable strategies for museum professionals, board members, and anyone interested in the financial health of cultural institutions. It emphasizes that a financially sound museum is better equipped to preserve collections, expand its reach, and serve its community.
