Home›Global Markets›North America›Museums increasingly use licensing deals to bolster fi…

Museums increasingly use licensing deals to bolster finances

Reported · Written up by our desk · North America

According to the Guardian Business, museums including the Natural History Museum and the British Museum are increasingly turning to licensing deals that use their collections and brands, from hotel-inspired suites to virtual reality experiences and other branded products.

The outlet notes that while such attractions are often free to visit, museums are looking to generate more money as funding cuts and rising costs put pressure on budgets.

As one example, the Guardian Business points to a Park Plaza London Riverbank hotel suite created in collaboration with the Natural History Museum, which is described as featuring an interior inspired by the museum’s founder and dinosaur-themed elements.

The article frames the shift as a growing trend among cultural institutions to monetize their reputation in the face of tighter finances.

More like this

Sources