Art and Culture, €192 billion in revenues for businesses
In the 2024 edition of Banca Ifis' 'Economy of Beauty', 723 active companies were identified
by Barbara Ganz
4' min read
4' min read
Lombardy, Veneto and Emilia-Romagna: this is the podium of the regions with the highest number of active companies with projects on art and culture (227, 123 and 112 respectively). This is one of the data that emerges from the presentation of the 2024 edition of 'Economics of Beauty', the study conducted by Banca Ifis that explores the role of art and culture as strategic assets for business competitiveness.
In Italy there are 732 active companies with projects on art and culture: they produce a total of 192 billion euro in annual revenues and register a productivity 1.4 higher than the average, which rises to over 3 in the banking sector, the most lively sector in the development of these projects.
According to the report, this type of investment produces a strong change on the company, both internally and in its positioning towards external stakeholders. As well as translating into increased productivity compared to companies of a similar size and market segment, it also leads to a 2.2-fold increase in salaries, demonstrating an impact on the enhancement of skills.
L’identikit
Which companies have projects on art and culture? The study shows that these are companies with a long tradition: 6% have been in the market for more than 65 years. As far as size is concerned, eight out of 10 have a turnover of less than 250 million. The more than 700 companies surveyed belong to different production sectors, with fashion, mechanics and agro-food at the top of the list. The objectives that the companies set themselves with these projects were examined in depth through a field survey involving decision makers (from entrepreneurs to institutions such as the Chamber of Commerce) from which four types of areas of intervention emerged: 52% build solid relations with territories and communities; 23% communicate with their external stakeholders; 12% use art and culture as tools for innovation and creative stimulation; 12% focus on employee engagement.
"The Economy of Beauty has demonstrated with numbers and concrete testimonials, from small and large entrepreneurs in our country, how successful the combination of art and culture and business activity is. A union that creates value, both economic and social, and which confirms the key role of the figure of the entrepreneur-patron for the virtuous development of the community," said Ernesto Fürstenberg Fassio, president of Banca Ifis.
