3 Trends for Museums in Monetizing Virtual Offerings
During this time when many museum halls are closed or at reduced capacity, the art world has moved online. As the timeline stretches in many parts of the world, art institutions have found new, innovative ways to offer content — and in some cases, are finding avenues for revenue in their digital initiatives.
We took a scan of some of the digital monetization efforts in the museum world, and found several key trends.
US & Europe More Likely To Charge for Content
Across a global scan of arts organizations, ABA found that museums in Asia and Latin America tend to maintain free digital offerings across the board. On the other hand, monetization is a much more common practice for those in the United States and Europe — though typically reserved more for extra features of free content.
For instance, in Paris the Cité de l'architecture et du patrimoine, a museum of sculpture and architecture, offered 1-hour guided tours over Zoom. These are given for a charge of €10 per person. At the National Gallery of Singapore, however, an hour-long Zoom tour with a curator is free.
When determining whether to monetize, museums should ensure that they have a strong understanding of their local market and audiences, and their propensity to pay for digital offerings.
Customers Pay For Education
While some general museum content - such as virtual tours - comes with a fee, the majority is available to digital visitors free of charge. Educational resources, however, are much more likely to require payment to access. In our research on what audiences are looking for during this time of lockdowns and school closures, one of the highest needs is of ways to keep children engaged that is both entertaining and beneficial to their intellectual growth. It is no surprise, then, that educational programming has such high value.
Museums are in a unique position to offer such content, and many have created innovative programs that they have successfully monetized. For instance, the Guggenheim in New York City offers one-hour virtual tours highlighting 3-5 works of art for student groups from Kindergarten through high school. These tours include opportunities to create, whether drawing, writing, or exploring physical movement. The tour is $75 per school group (but is offered for free to local high schools).
If your organization intends to monetize, it is important to grasp the type of content that your audiences will be willing to spend on — which may be closely tied to what they need most right now.
Technology Is Less Important than Interactivity in Determining Price
One finding from our research that may seem somewhat surprising at first, was that the level of technology used was less of a determining factor in whether a museum would charge a higher price for an initiative. Indeed, many high-tech options — such as a robot tour at the Hastings Contemporary in the United Kingdom — are offered for free.
What does seem to demand a steeper price is the level of interaction with the museum and its representative. Some of the most expensive offerings we found were either lengthy or highly personalized opportunities for learning. Examples included the Vatican Museum’s two-year “Insider’s Course,” which can run up to $2,900 for a non-member, and the “Observant Eye” seminar series at the Metropolitan Museum of Art, which can be reserved privately for university classes at $200.
When considering what has most value during times of closure, we have seen that it is personal connection and interaction that audiences miss — and value — most. The technology itself, while essential, may not be the draw. Keep this in mind when determining which of your offerings could be great opportunities to monetize, and where your investment should be to make it happen.