Economic and Financial Impacts on The Performance of Egyptian Museums. | ||||
| International Journal of Heritage and Museum Studies | ||||
| Volume 4, Issue 1, October 2022, Page 94-100 PDF (100.51 K) | ||||
| Document Type: Academic peer-reviewed articles | ||||
| DOI: 10.21608/ijhms.2022.429609 | ||||
 View on SCiNiTO | ||||
| Abstract | ||||
| Egyptian museums are subjected to economic and financial impacts ,which can be either positive or negative and significantly impact their function .Museums operate with high fixed costs ,as donations and government grants have been reduced as a result of the global financial crisis and COVID-19 .These influences have helped shape new ideas about museums ,particularly the transition from non-profit to self-sustaining organisations .Due to limitations imposed on museum funding ,either by the public balance sheet or by donors ,self-generating revenues are the most appropriate option to overcome or at least decrease these restraints .Museums can overcome financing shortages by engaging in innovative economic operations ,such as giving services to others( scientific labs .)The conservation of private collections ,advisory services ,branding services and products with the brand or image of the museum’s unique collection and investing a portion of donations in bonds and securities are all new practices in Egyptian museums .Furthermore ,museums must implement governance policies to regulate expenditures, rationalise limited financial resources ,and lessen reliance on public and private support .The primary goal of this research is to gain a better understanding of the larger economic and financial consequences on Egyptian museums .Thus ,the descriptiveanalytical approach was utilised as the most appropriate method .Finally ,our findings suggested that Egyptian museums, particularly those with exceptional collections ,should adjust their economic policies by branding services and products in exchange for money and cooperate with the private sector in financing the activities. | ||||
| Keywords | ||||
| Interactive Impacts; Financial Impact; Economic Impact; Self-Finance; Innovative Solutions | ||||
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