Chicago, Ill. (PRWEB) August 23, 2013
Sponsorship spending on symphony orchestras, performing arts venues and other arts organizations is expected to total $920 million in 2013, up 3.3 percent from 2012, according to IEG, LLC, the world’s leading authority on sponsorship.
While spending on the arts is growing at a fairly healthy clip, growth is tempered by the reluctance at many arts organizations to move beyond charitable donations in favor of true marketing partnerships.
With the exception of fairs and festivals (2.9 percent), the year-over-year increase lags associations and membership organizations (4 percent); causes (4.8 percent); entertainment (5.1 percent) and sports (6 percent), as well as the projected 5.5 percent increase for the overall sponsorship industry.
Without exception, arts organizations are more dependent on one category—financial services—than any other property segment.
Case in point: retail banks are nearly 20 times more likely to sponsor the arts than is any other category.
“Arts organizations are benefiting from renewed strength in the financial services sector,” said William Chipps, IEG Sponsorship Report senior editor.
Bank of America, JPMorgan Chase and Wells Fargo are the three most active sponsors in terms of number of deals, according to IEG Research.