Beyond Collections: Business Models of Private Museums in Saudi Arabia
The global rise of private museums has significantly accelerated in recent decades; a phenomenon termed the Private Museums Boom. This is apparently a Saudi experience.
This research conducted comprehensive interviews with the owners and directors of eight private museums in Riyadh to explore their viewpoints on the value proposition, recognizing the significance of private museums within the cultural ecosystems. A tailored survey was conducted simultaneously to find out visitors' perceived value, resulting in 201 respondents.
The owners' perspective affirmed that their museums are mostly driven by passion, with less emphasis on business strategies and revenue-generating activities. These findings align with visitors' responses, particularly on value propositions and entry fees, as seen in the statistics. The passion-driven business model is beneficial for private museums; yet, it does not ensure financial sustainability, particularly in the lack of revenue-generating activities. This reveals the importance of integrating museums within the cultural and tourist frameworks at both local and national levels.
To achieve the greatest benefits of private museums, it is recommended to incorporate them into cultural and tourism ecosystems, encompassing event organization and tour programs.
This study estimates the demand function for cultural heritage sites in Saudi Arabia over 2010 Abstract:run price and income elasticities and computing the direct use value component of
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The global rise of private museums has significantly accelerated in recent decades; a phenomenon termed the Private Museums Boom. This is apparently a Saudi experience.
ABSTRACT:
The creative economy has swiftly expanded in recent decades, defined by
Industry 4.0. Saudi Vision 2030 has created a cultural and creative environment by