Museums Exhibit Stepped Up Licensing Plans
Museums and other cultural institutions are exhibiting increased interest in licensing as a means for driving revenue at a time when other funding sources – government subsidies and in-person ticket buyers, to name two – are under pressure.
And while some museums have long had licensing programs – the UK’s Victoria & Albert (V&A) Museum has been licensing for more than 20 years, and has more than 85 licensees, and The Palace Museum in the Forbidden City in Beijing posted $220 million in sales of licensed products in 2017 — but the pace has increased noticeably.
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