Our new report explores the insights of arts, culture and visitor attractions, following our sector survey earlier this year.
75 per cent of survey respondents revealed that external funding is an important item on the corporate risk register, whilst 23 per cent expect their organisation’s main sources of funding to change in the next three years and 63 per cent expect to be increasingly reliant on commercial enterprise activities.
The sector faces several challenges and risks that need to be navigated carefully and managed effectively. Yet there are opportunities, which have the potential to drive growth and enhance the organisation.
Brexit and recruitment and retention are notable risk areas, as too are funding, regulation, partnerships, health and safety and increasing competition. Yet there are opportunities for this most creative of sectors, in areas such as collaboration, capital projects and expansion.
Fundraising, growth in online ticket sales and increased profits through growth in commercial activity are also areas of notable opportunity as are other digital service enhancements such as the recent growth in virtual reality programmes.
Despite Brexit and the potential risks it brings, arts, culture and visitor attractions see some of the possible economic effects as opportunities, including the rise in the ‘staycation’ trend.