• Overall decrease as total figure falls by 3% in real terms to £658m
• Business investment falls another 11% - third consecutive year of decrease to £144m
• Individual Philanthropy down 4% though still accounts for the majority (55%) of investment to £359m
• Trusts and Foundations overtake business investment for the first time since 2004 to £155m
Arts & Business’s new figures released today reveal that in 2009/10, private investment in culture stood at £658 million, a 3% decrease from the previous year in real terms. Since Arts & Business first started capturing this data in 1976, private investment in the arts has been following a general upward trend, which has been interrupted in the past two years with decreases from various sources of investment.
The overall private investment decrease of 3% (above inflation) is primarily driven by the large 11% decrease of business investment, but also a moderate decrease of individual philanthropy of 4%. However, this has almost been offset by a positive growth in trusts and foundations funding of 11%.
Individual Philanthropy decreased for the second year in a row, continuing the interruption of its fast-paced growth since 2001. The 4% decrease however, is slightly lower than the previous 7% decrease, bringing the levels of arts philanthropy down to £359.3 million, which is still higher than in 2007.
Business investment has fallen 11% to £144.1m. Although businesses are still committed to working with the arts, they are not hardwired to do so. Corporate money is a discretionary spend, particularly in hard times. As a result, business investment in 2009/10 is now lower than it was in 2003/04.
Trusts and foundations - Funding from trusts and foundations was the single source of private investment that increased in 09/10, by 11% therefore keeping the overall private investment decrease moderate. Funding from this source now accounts for 23% of the total private investment received in the sector and now stands at £154.6 million.
Full report available 17 February 2011
Please note that overall business and private investment does not add up to the breakdown according to region, artform and size in our interactive map and benchmarking tool, because an extra lump sum of £1million has been added to account for business investment going towards arts prizes and awards that are not connected to any specific arts organisation.
View our Interactive Map and Benchmarking Tool