Cultural institutions like the Natural History Museum and British Museum are increasingly turning to licensing deals to bolster their finances amid funding cuts and rising operational costs. These institutions, often free to visit, are now putting their stamp on a variety of products, from upscale hotel suites to trendy fashion items and virtual reality experiences.
Innovative Offerings
For instance, visitors can spend the night in the Natural History Museum family suite at the Park Plaza London Riverbank hotel for a price starting at £724. This suite features an interior inspired by the museum's founder, Sir Richard Owen, complete with Tyrannosaurus rex bunk beds. Such deals are becoming more common as museums seek to leverage their renowned collections and trusted brands.
According to Licensing International, overall UK sales of licensed merchandise and services grew by 7% to $19.2 billion (£14.5 billion) last year. Notably, the “art property” category, which includes museums, saw growth of over 8%, while “attractions and promotions,” which encompass immersive experiences at museums and art galleries, soared by 53%.
Growth in Licensing Programs
“Our licensing programme continues to grow consistently at about 15% year on year,” said Louisa Skevington, the licensing manager at the Natural History Museum. She emphasized that “experiences” are becoming an increasingly important part of their strategy.
““It’s about finding creative ways to bring the museum and its stories to people wherever they are, while continuing to grow the reach and impact of the programme.”
