The growing reliance on digital technologies in the cultural sector has significantly transformed the operational, financial, and strategic dimensions of Galleries, Libraries, Archives, and Museums (GLAMs). The webinar Monetization and Costs of Digital Assets in GLAMs, held on 10 April 2025 within the Horizon Europe SHIFT initiative, addressed these shifts by offering a comprehensive exploration of financial management and monetization strategies applicable to digital assets in cultural institutions. Led by Dr. Hristina Mikic—Associate Professor of Finance and Creative Economy at Metropolitan University in Belgrade and Head of R&D at the Institute for Creative Entrepreneurship and Innovation (IKPI)—the session provided a nuanced analysis of the challenges and opportunities associated with sustaining digital portfolios while aligning with institutional missions.
The webinar began by defining digital assets broadly as encompassing content, services, experiences, data, systems, and technologies used in preservation and presentation activities. In GLAMs, these assets may take the form of metadata, images, videos, 3D models, virtual exhibitions, and other content developed to expand access and engagement. These assets require strategic financial planning not only due to their diversity but also because of their evolving role in shaping public interaction with cultural heritage.
Digital transformation in GLAMs, while offering greater accessibility and interpretative possibilities, brings considerable risks related to technological obsolescence, fragmented funding models, and inadequate cost structures. Dr. Mikic emphasized the importance of integrating cost-effective strategies early in the development of digital initiatives to ensure long-term sustainability.
A critical segment of the presentation focused on the drivers of cost in the management of digital assets. These were categorized into five key areas:
- Digitization – largely dependent on human resources, digitization equipment, and specialized software tools.
- Storage – requiring scalable capacity solutions and associated costs depending on data volume and security needs.
- Maintenance – influenced by the availability of internal expertise or the need for external technical support.
- Access Platforms – shaped by the choice between open-source platforms and commercial systems.
- User Interfaces and Engagement – including the design and functionality of public-facing platforms.
Cost optimization, as Dr. Mikic noted, must balance the financial efficiency of operations with the cultural value created by digital offerings. Institutions are therefore encouraged to adopt flexible approaches tailored to their asset types, user demands, and technological capacity.
The central portion of the webinar examined various monetization models used to generate income from digital tools and content. Dr. Mikic presented these models in relation to their practicality, potential revenue generation, and limitations when applied within the GLAM context:
- Subscription-Based Model: Offers predictable income and supports structured budgeting, though it may reduce access for non-paying users and pose administrative challenges related to personal data management.
- Pay-Per-Use Model: Enhances transparency and correlates directly with user value, but risks unstable income streams and accessibility gaps during peak or low-interest periods.
- Freemium Model: Widely used in the cultural and digital sectors, this model allows free access to basic content while reserving enhanced features for paying users. Although it ensures high accessibility, it may restrict content depth and institutional control over user experience.
- Advertising-Based Model: Generates revenue through sponsored content, with the advantage of free access to users but possible disruption due to aggressive ad placements.
- Business Collaboration and Sponsorship: Institutions can engage partners or sponsors for funding in exchange for brand visibility. While potentially lucrative, this model requires careful negotiation to safeguard curatorial independence.
- Royalties-Based Model: This model applies particularly to licensed digital content (e.g., software or media assets) and offers higher income potential but may reduce public access to cultural materials.
- Component-Based Model: A flexible strategy enabling institutions to license or use specific elements of digital tools, though its complexity can hinder long-term usability.
These monetization strategies reflect an emerging financial pragmatism within GLAMs, where the pursuit of sustainability coexists with the commitment to cultural openness and equity.
To complement monetization efforts, Dr. Mikic outlined funding avenues that support the creation and maintenance of digital assets. These include:
- Public funding through national grants, cultural policy programs, and public sector subsidies.
- European and international funding via programs such as Horizon Europe and Creative Europe.
- Private sector support, including donations from businesses and philanthropists with interests in digital transformation.
- Partnerships with technology companies, offering in-kind contributions or reduced service rates.
- Crowdfunding and community-based support, particularly relevant for small-scale or experimental digital projects.
The strategic alignment of institutional goals with these funding sources, Dr. Mikic emphasized, is crucial to achieving long-term viability. Institutions must also consider dynamic pricing strategies and user segmentation (e.g., educational discounts or tiered access) to reconcile cultural outreach with revenue generation.
A recurring theme throughout the session was the ethical tension between public access and monetization. Cultural institutions have a responsibility to safeguard heritage and ensure its accessibility, yet financial realities demand innovative and sometimes commercial approaches. Dr. Mikic highlighted the importance of transparency, inclusivity, and ethical accountability in designing revenue models, especially when user data, digital rights, or branding influence content dissemination.
Furthermore, long-term digital strategies must account for risks such as dependence on short-term project-based funding and technological lock-in, which can undermine both access and institutional autonomy. Building internal capacity for digital asset management, investing in interoperable systems, and adopting open standards were presented as critical elements of a resilient digital infrastructure.
The session provided a structured and evidence-informed overview of how GLAMs can navigate the increasingly complex landscape of digital asset management. Through a balanced focus on monetization models, funding strategies, and cost-effective practices, Dr. Mikic offered actionable insights for institutions seeking to align their digital agendas with sustainable development objectives. Notably, she illustrated each model and strategic option with concrete examples, clearly outlining both advantages and limitations across all key areas—including digitization, storage, maintenance, and access. Her analysis extended to various funding sources as well, critically comparing public, private, international, and collaborative models in terms of their short-term feasibility and long-term sustainability. By highlighting the potential benefits—such as flexibility, accessibility, and innovation—as well as risks like financial dependency, limited continuity, or influence on content autonomy, Dr. Mikic provided a comprehensive framework for informed decision-making in the evolving field of digital cultural management.
Watch the recording of the webinar on BMN YouTube channel HERE.
For more detailed studding, download the presentation HERE.
The webinar is part of the SHIFT project (Metamorphosis of Cultural Heritage Into Augmented Hypermedia Assets for Enhanced Accessibility and Inclusion) that is being funded by the European Union Horizon Europe program.
More about SHIFT project on: https://shift-europe.eu/