Private investment in arts & culture increases by 8% over three years
Melanie May | 21 June 2019 | News
Total private investment in arts and culture in 2017/18 was £545million – an 8% rise in three years, Arts Council England’s Private Investment in Culture Survey has revealed.
The survey, commissioned from research consultancy MTM, investigates the role individual giving, business investment and trusts and foundations play in funding arts and culture in England.
2017/18 saw increase of 8% from £505million in 2015/16. The majority of this growth took place between 2015/16 and 2016/17, with limited growth in 2017/18.
Individual giving makes up the largest proportion of private investment at 43% The share coming from trusts and foundations has grown significantly since 2015/16 to 38%, with business investment remaining stable at 18%.
The survey also found that 57% of organisations expect growth in grants from trusts and foundations over the next three years, and 54% expect similar growth in individual giving. However, only 37% expect growth in business investment, possibly due to economic uncertainty, and there are concerns around regional imbalances, with much investment concentrated in London and major organisations.
Sir Nicholas Serota, Chair of Arts Council England said:
“Arts and culture in England depends on a successful mixed funding model, with private investment and earned income working alongside public investment. In a difficult time for public funding, many organisations have worked wonders by increasing earned income; but with an uncertain financial future it is necessary to diversify funding further. Private investment is crucial for the financial support it brings, and the long-term relationship it helps build between the cultural sector and wider community.”
As well as providing a snapshot of the fundraising landscape, the findings will help shape Arts Council policy as it develops its new ten-year strategy, which will run from 2020.
The report uses latest available figures from 2015-18 and can be downloaded from the site.
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About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.