Now that we have a growing collection of the financial data on venues to balance up all the data in the Culture Benchmark on non-venue based organisations we can start answering this question.
For simplicity on this occasion lets polarise matters … and look at non-venue based organisations with <£1m turnover vs. venue based organisations with >£1m turnover and see how the income generation splits between grants : tangible assets : intangible assets.
I think it’s fascinating to be able to see, in detail just how different the business models are for venues vs. those without access to these sources of either ticket income or secondary spend by visitors. It places a far greater emphasis on the role of intangible assets which, to date, has not yet received the investment required to leverage these assets. The good news is that turning intangible assets into income is almost certainly less expensive than building new venues!
It’s worth noting that getting to these figures is just a matter of setting two filters on the Culture Benchmark … so a five minute job in all!
NB: you can’t add up these figures vertically as each average is calculated individually and only across the sum of all contributing data sets.