Thursday, July 23, 2020

Many Museums Are in Danger of Closing

The coronavirus pandemic is threatening the nation's museums. A June survey of 750 museum directors by the American Alliance of Museums (AAM) finds many unsure about their ability to survive the pandemic. When asked whether there is a significant risk of their museum closing permanently in the next 16 months if they did not receive financial relief, 16 percent of directors said yes and another 17 percent said they didn't know.

The 56 percent majority of museums have 6 months or less of operating reserves remaining. Only half expect to reopen with 100 percent of their workforce. All expect to lose operating revenue in 2020, with most expecting substantial declines...

Operating income museums expect to lose in 2020
30% expect to lose up to 20 percent
37% expect to lose 21-40 percent
22% expect to lose 41-60 percent
11% expect to lose 81 percent or more

"The survey results document extreme financial distress in the museum field," reports the AAM.

Source: American Alliance of Museums, National Survey of Covid-19 Impact on United States Museums

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