CEO DATELINE — One-third of museums at risk of permanent closure
CEO DATELINE — One-third of museums at risk of permanent closure
- July 23, 2020 |
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Walt Williams
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A recent survey by the American Alliance of Museums has found that one-third of the nation's museums are at risk of permanent closure because of losses incurred from the COVID-19 pandemic.
The survey of more than 750 museum directors painted a grim picture. AAM noted that museums support 726,000 direct and indirect jobs, yet even among those that are able to reopen, more than 40% planned to do so with reduced staff.
About 12,000 museums are at risk of permanent closure. AAM said in a statement they may not survive without near-term assistance from governments and private donors.
"Museum revenue disappeared overnight when the pandemic closed all cultural institutions, and sadly, many will never recover," AAM CEO Laura Lott said. "Even with a partial reopening in the coming months, costs will outweigh revenue and there is no financial safety net for many museums."
The survey's findings:
• One-third (33%) of museum directors surveyed confirmed there was a "significant risk" of closing permanently by next fall, or they "didn't know" if they would survive.
• The vast majority (87%) of museums have only 12 months or less of financial operating reserves remaining, with 56% having less than six months left to cover operations.
• During the pandemic, 75% of museums continued their role as educators providing virtual educational programs, experiences, and curricula to students, parents and teachers.
• Two-thirds (64%) of directors predicted cuts in education, programming, or other public services due to significant budget cuts.
"On average, museums receive less than 25% of their total funding from government sources," Lott said. "Money from public and private sources is crucial to saving the museum field."
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