(Excerpted from the white paper “The Great Digital Transformation,” written to help arts and culture organizations improve the health of their business and operations.)
It’s fortunate that many arts and culture organizations have been able to reopen their doors in 2021, but the revenue losses from 2020 are steep. Americans for the Arts estimates that the total loss due to pandemic closures sits around $1.8 billion.
Some relief is on the way, in the form of hundreds of millions in grants and relief packages, but the unfortunate truth is that those dollars will hardly make a dent for many organizations. They will need to make up revenue losses through ticket sales, memberships, subscriptions, and donations.
This truly is a make-or-break year.
Many arts and culture organizations already pivoted to digital to help mitigate these losses, picking up revenue and engagement wherever possible during the lockdowns. Some saw their digital transformation timelines accelerated; some were forced to create a plan from scratch.
The institutions that did pivot quickly to digital discovered more efficient ways of operating, optimized revenue streams, and in some cases created completely new lines of business, each providing a welcome supplement to existing business models that were functioning with minimal staff.
Read: The Future of Fundraising: How Nonprofits Are Evolving After the Digital Disruption
In this white paper, Lifeblue details how some of its partners, including the Country Music Hall of Fame, Hatch Show Print, the Indianapolis Symphony Orchestra and the National Soccer Hall of Fame moved forward faster, thanks to the way they embraced new digital tools and audience-first strategies.
Download “The Great Digital Transformation” or simply reach out to talk about how we can help you build greater value for the greater good.