Financial Sustainability of Historic House Museums

In a world where historic house museums are often struggling financially, it is important to analyze data to learn which innovations can increase the financial sustainability of these historic sites. My research demonstrates that an increase in the number of emotions experienced on a house museum tour is correlated with an increase in customer lifetime value. Similarly, my research finds that higher levels of perceived historical relevance on house museum tours are linked with greater customer lifetime value. My studies show that social impact initiatives at historic house museums are correlated with higher revenues and higher expenses with a neutral relationship to net revenue. Finally, my analysis indicates that mergers of house museums lead to economies of scale, operational synergies, and interpretation synergies.