What are the benefits of investing and supporting arts and culture?

For hundreds of years, art has had a direct relationship to patrons and individuals whose aim is and was to collect, grow, and promote arts and culture. However, as we welcome globalization and the need to innovate, businesses have also started to actively support the creative industry. With corporate social responsibility (CSR) culture increasing, why are many companies focusing on having a strategy that supports this area? Aren’t there more “important” causes to support?

The arts and culture sector has evolved its fundraising and involvement strategies to a corporate-like mindset. The new structure has allowed benefactors to reach a broader audience while helping artists produce masterpieces. Companies and arts organizations collaborate to produce major events all over the globe. Annual galas, art fairs, theater movements, parties, and exhibitions foster a luxurious environment that attracts the private sector for the exclusiveness of this community. The events serve as spaces for networking with unique and sometimes hard to reach potential investors and clients, who tend to find in cultural initiatives a safe space to do business and philanthropy.

As quoted on Strategy and Business portal, art sponsorships in North America are exceed the 1 billion mark in 2018. This 1 Billion tells us that the private sector is more than ready to support and understands the value of the arts and culture. Corporate sponsoring is on the rise. Companies and CEOs have understood that through the arts and culture unique benefits can be achieved. From education and community outreach to accessing a luxurious market and a whole new creative workforce only found in the arts, social responsibility in the arts has become more than just a marketing and PR strategy.

When supporting and investing in arts and culture, companies will find that through their contributions artists and organizations grow. The chain reaction causes communities to unite, education to foster, opportunities for senior citizens to open, and cities to become more welcoming of tourism. In 2015 around 8 exhibitions at the National Palace Museum in Taipei generated over fourteen million dollars in revenue as mentioned in the special 2015 report by the Art Newspaper. The renowned Metropolitan Museum of Art hosted between 6.000.000 and 7.000.000 visitors.

Museums and visual arts organizations can “show off” As mentioned in Dinero.com, the International Iberoamerican Theater Festival hosted in Bogota, Colombia in 2018 attracts between 250.000 to 310.000 participants year to year, in addition to bringing artists from all corners of the world that represent their cultures, societies, and different views. This would seem like the perfect opportunity for the private sector to jump in to support, but also market their brands through a meaningful, socially responsible platform.

It is in fact through sponsorship and involvement in organizations around the world that companies have found new ways of helping and contributing but also creating brand awareness, increase sales, offer employees unique experiences, and more importantly fulfilling their missions. Each major and up and coming city or town has a Museum, and organization, an artist with a big project, and a fulfilling mission. It is in the hand of the corporate world to harvest this center of social growth and outreach to market themselves as companies that do care and understand that in the 21st-century experience, inclusion and values are more important to consumers than a billboard.