Home / Arts and Entertainment / Museums Go Beyond Exhibits: Licensing for Luxury
Museums Go Beyond Exhibits: Licensing for Luxury
5 Oct
Summary
- Cultural institutions are licensing their brands for hotels, fashion, and VR experiences.
- UK licensing sales for art properties grew over 8% last year.
- Museums are attending Brand Licensing Europe to forge new partnerships.
Museums are actively seeking new income streams by licensing their esteemed collections and trusted brands. This strategy extends beyond traditional merchandise, encompassing ventures like luxury hotel suites and virtual reality experiences, as exemplified by the Natural History Museum's "from £724" family suite. These initiatives aim to bolster finances amid funding challenges and rising operational costs.
Last year, overall UK licensing sales increased by 7% to $19.2bn. The "art property" category, which includes museums, experienced a growth of over 8%. Furthermore, "attractions and promotions," covering immersive museum experiences, surged by an impressive 53%. This demonstrates a growing market for cultural engagement beyond physical visits.
The Natural History Museum's licensing manager noted a consistent annual growth of approximately 15% for their program, with "experiences" playing a crucial role. Past collaborations include a paint range inspired by historical color classifications and fashion lines featuring dinosaur prints. New ventures involve virtual reality adventures, bringing prehistoric worlds to life.
This burgeoning trend is evident at the Brand Licensing Europe conference, where more cultural organizations, including the National Gallery and the National Trust for Scotland, are exhibiting. They join established participants like the British Museum and the V&A, all seeking to capitalize on the public's appetite for major cultural moments and unique brand collaborations.
