Financial Sustainability of Historic House Museums

Julia Bache, University of Pennsylvania

Document Type Thesis or dissertation

Abstract

In a world where historic house museums are often struggling financially, it is important to analyze data to learn what innovations can increase the financial sustainability of these historic sites. I found that an increase in both the number of emotions and the level of historical relevance on house museum tours was correlated with an increase in customer lifetime value. My studies show that social impact initiatives at historic house museums are correlated with higher revenues and higher expenses with a neutral relationship to net revenue. Finally, my research found that mergers of house museums lead to economies of scale, operational synergies, and interpretation synergies.

 

Date Posted: 13 November 2019