Financial Sustainability of Historic House Museums
Degree type
Graduate group
Discipline
Subject
financial sustainability
emotion
relevance
social impact
merger
Nonprofit Administration and Management
Public History
Funder
Grant number
License
Copyright date
Distributor
Related resources
Author
Contributor
Abstract
In a world where historic house museums are often struggling financially, it is important to analyze data to learn which innovations can increase the financial sustainability of these historic sites. My research demonstrates that an increase in the number of emotions experienced on a house museum tour is correlated with an increase in customer lifetime value. Similarly, my research finds that higher levels of perceived historical relevance on house museum tours are linked with greater 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 analysis indicates that mergers of house museums lead to economies of scale, operational synergies, and interpretation synergies.