August 21, 2013: Fueled by rebound in financial services category, spending on the arts maintains upward momentum
For More Information Contact:
William Chipps, IEG, LLC, Tel: 312/725-5188
william.chipps@sponsorship.com
sponsorship.com
Chicago, Ill. – 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.
TOP COMPANIES SPONSORING THE ARTS
*Twenty-one percent of arts properties report having Bank of America as a sponsor.
MOST ACTIVE CATEGORIES SPONSORING THE ARTS
*Banks are 18.1 times more likely to sponsor the arts than the average of all sponsors.
SPONSORSHIP SPENDING ON THE ARTS
About IEG, LLC
IEG leads the way in sponsorship intelligence. With over 30 years providing insights, evaluation, and guidance, our teams bring unparalleled perspective and proven methodology to every challenge.
We partner with top brands and properties to create fresh strategies, evaluate opportunities and maximize results. Our clients rise above competitors, meaningfully engage audiences and achieve lasting impact.
A unit of WPP’s GroupM, IEG is connected to specialty sibling communications companies in media, digital and activation. GroupM is the leading global media investment management operation that also serves as parent company to WPP media agencies including Maxus, MEC, MediaCom, and Mindshare.
For more information about IEG and the sponsorship industry, please visit www.sponsorship.com or call 800/834-4850 (outside the U.S. and Canada, 312/944-1727).