Why Philanthropy Should Support the Arts

Some consider business and the arts to be polar opposites on the professional spectrum, but they are much more symbiotic than initially meets the eye. In recent years, the positive economic and social impact of arts and culture has become well-documented, underscoring the timeless need for such institutions. Therefore, support of the arts remains an urgent and relevant focal point for philanthropic businesses.  

Strengthening Community and Culture

Philanthropic support of the arts can hold powerful implications for communities – especially within local heritage and tradition. By contributing to their respective arts scenes, philanthropic businesses can leverage their position to fund initiatives preserving these values and practices, ensuring they live on as part of the community’s cultural patchwork. An artistic undercurrent helps communities become more diverse, well-rounded, and vibrant – all of which foster a stronger sense of unity, creativity, and forward-thinking. 

Promoting Education

One prominent aspect of arts-based philanthropy is the prospect of educational advancement. In an academic sense, today’s collective arts community remains jeopardized as more arts programs experience cuts and reduced funding. These deficiencies eliminate the opportunity for tomorrow’s artists, musicians, actors, and other creative trailblazers to realize their potential and make a positive difference in the world. Philanthropic businesses can champion such causes by allocating funds to their local arts education programs, promoting equity and cultural diversity in these programs, and advocating for artistic expression and access as a human right. 

Creating a Measurable Impact

Arts and culture programs also stand to yield countless economic benefits for their communities. This fact shines in a recent report from the National Endowment for the Arts (NEA) and the Bureau of Economic Analysis (BEA), which notes that, in 2021, arts and culture ranked third (only behind healthcare and assistance and retail trade) in value added to the US gross domestic product (GDP) in selected sectors. 

Considering the augmented importance of the two higher-ranking categories amidst the COVID-19 pandemic, these findings underscore the economic power and social importance of the arts. As a result, philanthropic businesses should view their arts-based outreach as a two-fold opportunity: the chance to support their communities’ most cherished and vital institutions – and the chance to reinforce and stimulate the macroenvironment in which they operate. 

As artistic mediums evolve in response to factors like generative AI, their integrity and overarching cultural impact are perhaps more important than ever. In turn, philanthropic support of the arts must maintain a similar sense of urgency to preserve such traditions for future generations.