Chicago, IL (PRWEB) -- North American-based companies will spend an estimated $832 million to sponsor art museums, symphony orchestras, performing arts venues and other arts and cultural attractions in 2008, a 3.4 percent increase from the $805 million outlay in '07, according to IEG Sponsorship Report, the world's leading authority on sponsorship.
That growth rate is lower than in past years due mostly to the sluggish economy and sponsors putting more money into the perceived safer bet of sports sponsorships and their offering of more obvious commercial benefits.
"While growth in annual spending has taken a slight dip from previous years, more and more properties are taking the steps necessary to stay competitive and provide significant value for sponsors' investments," said William Chipps, IEG Sponsorship Report's senior editor.
For example, a growing number of performing arts venues are taking a less-is-more approach by offering prime benefits to a limited number of sponsors, as well as offering proprietary platforms that sponsors can call their own.
Case in point: Toyota Motor Corp. U.S.A., Inc.'s Lexus division leverages its sponsorship of the Adrienne Arsht Center for the Performing Arts of Miami-Dade County by providing complimentary valet parking for Lexus owners.
In addition, companies are increasingly tapping the arts for inventory they can share with customers and employees. Continental Airlines, Inc. is activating its partnership with the New Jersey Performing Arts Center by providing its OnePass frequent flyer members the opportunity to use miles to bid on private boxes, dinner packages, backstage passes and other NJPAC inventory. Continental runs similar promotions with Carnegie Hall and other sponsored properties.
Financial services are by far the most active sponsor of the arts, with retail banks, brokerage firms and similar types of companies using the medium to promote their brands, demonstrate their community involvement and entertain clients and prospects.
Other active categories include airlines, automotive, insurance, newspaper, accounting firms and utilities.
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