More than just money: public and private funding for cultural and creative sectors
16 December 2021, 10:00-12:00 / 14:30-16:15 Remote participation
What is the issue?
Public support for cultural and creative sectors (CCS) is important due to the direct and indirect benefits they generate for the economy and the society. This sector produces creative output, creates employment and generates tax revenue. It is effective in revitalising rural areas and inner cities. Arts and culture also have the power to eradicate marginalisation and promote inclusivity in the society. By utilising them as tools of education and skill generation, arts and culture enable the creation of a quality workforce with strong cognitive and socio-emotional capabilities. They also prove to be effective in improving the well-being and health of cultural participants as well as consumers. Owing to the several advantages that CCS bring to the forefront, public support is important so that these benefits are effectively utilised to steer growth and development.
Public support is also important to facilitate fair access to cultural resources. This includes access to cultural resources for all (intra-generational equity) and at the same time the preservation of cultural resources for future generations. Public support can also reduce barriers to entry in the cultural market and barriers to public participation and consumption.
Traditionally, cultural policies and public expenditure in culture has promoted culture as a ‘merit good’, similarly to education and healthcare. The recognition of the economic impact of CCS broadened the scope of investments beyond cultural policy to a wide range of more industrial policy approaches. With a growing understanding of CCS role in economic development, a more diversified approach to funding CCS has emerged, with a greater emphasis placed on economic returns to government expenditure and a more prominent role for private investors. Consequently, a more complex ecosystem of financial support for CCS has developed, encompassing public, private and philanthropy funding and investment.
This webinar will discuss the significant trends in cultural finance over the previous few decades, including traditional public expenditure models, private and philanthropy funding as well as new forms of support for cultural and creative for-profit and non-for-profit organisations.
Watch the videos: