Since its opening in July 2022, the Hong Kong Palace Museum has reportedly received 2.1 million visitors, averaging around 100,000 visitors per month. This figure is truly encouraging! It is well known that the majority of visitors are from mainland China, with local Hong Kong visitors accounting for about one-third, and the rest being international tourists. Officially, ticket revenue constitutes around 40% of the total operating expenses, which is a remarkable achievement compared to the 20-30% seen in other major museums worldwide. The author believes this success is closely related to the museum's various special exhibitions and the attraction of Chinese traditional culture!
Mr. Henry Tang, the chairman of the West Kowloon Cultural District Authority, stated last year that amid the economic downturn after the pandemic, they did not want to increase the government's financial burden. Consequently, they declared they would no longer accept government subsidies and would operate on a self-sustaining basis. However, as of the end of last year, the total debt of the West Kowloon Cultural District Authority had exceeded HK$720 million, with remaining operating funds only able to sustain operations until the end of this year! It has been reported that the management of West Kowloon has submitted a detailed report to the government seeking support, but there has been no clear response from the government on the specific plan so far. Time is now very tight, and it is hoped that the relevant authorities will provide a solution for the West Kowloon Cultural District Authority as soon as possible. The author believes that changing the land use through sale or lease is the fastest way to obtain operating funds, but we are not professionals, so let the relevant people consider these issues!
The Hong Kong Palace Museum is a Chinese cultural museum located in Hong Kong, with its own independent character and features. It is not a branch of the Palace Museum in Beijing but is dedicated to showcasing the rich history and culture of China. Hong Kong is a city where Chinese and Western cultures converge, so the Palace Museum must consider local characteristics and be unique. It cannot follow the established patterns because visitors from each region have different interests. Hong Kong enjoys unique advantages and government support, and the Palace Museum has various exhibits, including calligraphy, ceramics, jade, and cultural relics, sourced from the collections of the Palace Museum in China.
The establishment of the Hong Kong Palace Museum aims to showcase the essence of Chinese history and culture to both Hong Kong and international tourists, while also promoting cultural exchange and understanding. This goal is both challenging and crucial!
The West Kowloon Cultural District Authority faces severe financial challenges. What rescue methods are available? The methods are diverse and worth discussing. The operational costs of the museum include maintenance of exhibits, building maintenance, salaries for administrative staff, and promotional expenses. These expenditures need to be funded through admission fees, sponsorship, donations, and commercial partnerships.
The author believes that regarding the financial self-sufficiency challenge faced by the West Kowloon / Palace Museum, several approaches can be considered:
Diversification of income sources: In addition to admission fees, the museum can consider increasing revenue through special exhibitions, educational activities, cultural performances, etc. Actively seeking corporate sponsorship and donations to expand the museum's financial resources is urgent. In addition to traditional financial institutions such as the Hong Kong Jockey Club and HSBC Bank, support can be sought from mainland Chinese companies listed in Hong Kong.
Improving efficiency and reducing costs: By optimizing management and improving operational efficiency, unnecessary expenses can be minimized while ensuring the quality and safety of exhibits. It is believed that this can enhance the museum's financial self-sufficiency. The author believes that the cultural museum has been continuously striving in this direction.
Expanding intellectual property income: Both mainland Chinese and Taiwanese museums can provide valuable insights into operations, as they have many characteristic intellectual property products or authorizations, such as stationery and various consumer products, which have been successful and profitable. These successful experiences can be learned from!
Enhancing promotion and marketing: By strengthening overseas promotion and marketing efforts, the cultural museum can attract more tourists and audiences, thereby increasing ticket sales and commercial partnership revenue. Utilizing social media, online platforms, and traditional media channels to enhance the museum's visibility and image.
In summary, to make the Hong Kong West Kowloon / Palace Museum financially self-sufficient, multiple measures need to be taken, including diversifying income sources, improving efficiency and reducing costs, and enhancing promotion and marketing. The author believes that the commercial model of intellectual property authorization is more critical, and by drawing on the experiences of both sides of the Taiwan Strait, the museum can better address various challenges and achieve sustainable development.
Author
Mr. Robert T Li graduated from the Economics Department of the University of Hong Kong and has served as the Head of Liability Insurance in the Greater China region for an international insurance company. He has a passion for traditional Chinese culture and enjoys collecting art. He is actively involved in promoting awareness of traditional Chinese culture, music, and art among young people. He can be contacted at litaichai@gmail.com.
Uploaded on 2024.3.14