New Revenue Streams for the National Maritime Museum
Bishoff and Allen (2004) state that “most cultural heritage institutions are mission driven; their primary purpose is to support and promote the public good.” Just as The National Maritime Museum mission statement is “to illustrate for everyone the importance of sea, ships, time and stars and their relationship with people”. Swan (2012), explained in her presentation that “this is the largest maritime museum in the world which attracted 2.45 million visitors in 2010 /2011 and 709.000 visitors just at the National Maritime Museum alone”.
Museum is the place for learning, education and socialisation.
Sources that contribute to museums’ earned revenue include admission, gift shop, memberships, facility rentals and other variety of sources like private sector. Essentially, any product or service that is offered by the museum generates income. There is another form of revenue which is classified as unearned revenue. The main sources of unearned revenue are fundraising through individual donations and grants through any level of government.
Hiring museum facilities for an event or filming is the best form of revenue.
In order for the museum to remain financially viable earned revenues should be a fundamental part of the budget planning. There should be a dedicated team which is able to brain storm and look for new ways in how to contribute new revenue streams. Museum can be interesting to visit once if displays and exhibitions are not changed. As well as interactions and special events has to accommodate demand. Bearing in mind seasons, half term holidays or summer holiday is a good way start looking into additional revenue. Museum need to be creative and come to a problem from many angles at once.
Advertising is an important revenue stream for helping businesses reach exactly the customers they want and increase value. Advertising can be through local newspapers at the whole Royal of Greenwich council and as well Lewisham council which is situated close by.
Museum is the place for learning, education and socialisation.
Sources that contribute to museums’ earned revenue include admission, gift shop, memberships, facility rentals and other variety of sources like private sector. Essentially, any product or service that is offered by the museum generates income. There is another form of revenue which is classified as unearned revenue. The main sources of unearned revenue are fundraising through individual donations and grants through any level of government.
Hiring museum facilities for an event or filming is the best form of revenue.
In order for the museum to remain financially viable earned revenues should be a fundamental part of the budget planning. There should be a dedicated team which is able to brain storm and look for new ways in how to contribute new revenue streams. Museum can be interesting to visit once if displays and exhibitions are not changed. As well as interactions and special events has to accommodate demand. Bearing in mind seasons, half term holidays or summer holiday is a good way start looking into additional revenue. Museum need to be creative and come to a problem from many angles at once.
Advertising is an important revenue stream for helping businesses reach exactly the customers they want and increase value. Advertising can be through local newspapers at the whole Royal of Greenwich council and as well Lewisham council which is situated close by.