Arts Sponsorship Sector Shows Slight Growth

The UK arts and sponsorship market is estimated to have declined slightly by 1.4% between 2008/2009 and 2012/2013, despite observing growth in 2011/2012 and 2012/2013, according to the recently released Arts & Media Sponsorship Market Report. 

This decline has primarily been down to a fall in arts sponsorship, which has suffered heavily since the recession, with business budgets continuing to fluctuate significantly following poor economic growth over the past five years. Arts funding in the UK has continued to take a nosedive in recent years, following the announcement in the Chancellor’s 2010 Comprehensive Spending Review that England’s arts budgets would have to be reduced by 30%, in line with the Government’s wider austerity measures to cut public-sector spending by £81bn between 2010/2011 and 2014/2015. 

Local arts organisations, in particular, have struggled to stay afloat, with several local councils cutting arts funding entirely. Indeed a recent independent report, entitled Rebalancing Our Cultural Capital (ROCC), drew attention to the widening arts funding gap now apparent between London and the rest of the UK, with claims that 75% of public funds available for the arts were now dependent on decision-makers based in the centre of the country.”

The Arts & Media Sponsorship Market Report is published by Key Note Market Intelligence.  More information on the report can be sourced from www.keynote.co.uk.