Impact of Strong Global Brands of Cultural Institutions on the Effective Development of Regions in the Context of the Covid-19 Pandemic

Saint Petersburg State University, Faculty of Economics, Department of Economics & Economic Policy, University embankment 7–9, 199034, St. Petersburg, Russia

^* Corresponding author: margotverrett@gmail.com

Abstract

Research background: In the context of the coronavirus pandemic, when cultural objects were unable to function normally for a long time, their income has significantly decreased, and state support is not enough to implement strategic projects. This is due to a sharp decline in the incomes of the population of these countries and a prolonged shutdown of large- scale production, even the stagnation of entire sectors of the economy.

Purpose of the article: The article is devoted to the problem of the formation of strong brands of cultural institutions, in particular, art museums and galleries and their impact on the competitiveness of the region.

Methods: We use statistical, and regression methods for analysis, which are used to assess the mutual influence of traffic flows to museums and other cultural objects on the total income in the art market.

Findings & Value added: The analysis showed that work on the image, strengthening the brands of cultural institutions, increasing the level of recognition in the world and close ties with recognized art-dominants in the future will allow cultural institutions to attract significant financial flows and improve their competitive position in the world market. As the scientific increment can be considered, the results of analysis the relationship between the strong brands of art museums and other cultural objects and the tourist attractiveness of their locations, as well as the mutual influence of cultural object brands on the territory’s brand. It is proposed to modify the methodology for evaluating the brand value in an art Museum or gallery.