Monetizing online museum products: Mechanisms, strategies, and examples

Abstract

The quarantine and post-quarantine restrictions have forced museums to pay close attention to digital content. Initially, this was done to maintain their audience and public interest, and after that, they began to think about monetizing these products. Monetizing digital content can help them recover lost revenue. Monetization of online museum products refers to the process of converting free or paid online products and services developed by museums themselves or in collaboration with developers. In this article, the author identifies mechanisms and strategies for monetizing museum online products that can also apply to museums in modern times. The case study was the main method of analysis. Four possible methods for monetizing museum online products were identified as a result of the study. Several factors should be considered before developing museum online products. In addition, six strategies for monetizing virtual initiatives were identified, whose development must take into account such factors as time, human and material resources of the museum as well as the uniqueness and quality of the content. Therefore, we can conclude that the introduction of monetization was a difficult process for museums, accompanied by a number of problems related to the distribution of time and significant human resources, as well as financial costs; lack of motivation for museum staff; using outdated software; the dual nature of the online product, which works both outside the museum and draws visitors directly into the museum halls.

Keywords:

museum, monetization, online product, strategy