The Arts & Business Report for 2010/11, published in full last week, shows a rise of 4% over the last year in private sector investment in arts and culture organisations to a total of £686.6million – almost reaching the peak of £171.5million in 2007.
Individual giving has grown in turn to £382million and has risen a startling 162% over the past decade. Investment from manufacturing, finance and the creative industries has risen dramatically since last year’s slump – the creative industries in particular giving £24 million up from £15million in 2009/10.
But while philanthropic giving from the private sector has gone up other means of support have dropped – such as in-kind services, down 38% since the survey began. Moreover, public funding still accounts for just over half (51.5%) of total spending on the arts and culture sector, with business sponsorship providing only 12%.
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