How our New Reports Help the Overall Vastari Marketplace
On Saturday, 6 October, just over a month ago, Vastari released the Global Report and Exhibition Finance Report. With our stacked bar charts, and the trend analysis, it can maybe seem that we are moving to become a data-publishing company.
But actually, data is integral to our marketplace, in three different ways. Data empowers our marketplace participants to make more wise decisions. Data informs our product development, to make sure that we continue to meet the needs of our customers. And lastly, data will help suppliers understand our users and provide better services to them.
Vastari operates a marketplace that connects content owners with venues. In most cases, this is a collector who wants to lend an individual work to a museum exhibition, or an exhibition producer who wants to tour their show at another museum or private venue.
We want to help our marketplace participants make wiser decisions. In the case of exhibition producers on our platform, pricing is an integral part of their process. What kind of budgets do the venues have, and what should their pricing strategy be? The Exhibition Finance Report has looked specifically at the capacity at different institutions around the world and categorised the trends, to provide further clarity on who could host producers’ exhibitions.
Just this morning I had a conversation with an amazing curator looking to take a project to New York, and surprised that many of the institutions there would never import an external exhibition (prefering to produce all their exhibitions in-house). This is something that needs to be known, so producers can assess the true market interest in their concepts.
For collectors, it is also really important to understand the drivers behind museum’s choices, and where they look for exhibition loans. With the Vastari Global Report, we have categorised which types of museums work with collectors and how they find them. This data will help collectors have better strategies and hopefully raise awareness of the potential that could still be discovered.
Screenshot from Vastari Global Report content -- copyright Vastari Group Ltd.
Data also informs our product development. For example, there is a really strong trend for museums wanting to co-produce exhibitions rather than hosting turn-key shows. How can our marketplace adjust to handle that demand? Can we match ideas with partners, as well as exhibitions with venues?
Lastly, data can help the suppliers we work with better understand what our users need. We are opening up the data to museums for free, if they take the survey. Any suppliers who want to access the data can subscribe to it. This information can help the industry better understand the differences between regions and the different budgets museums are working with.
One simple question we ask producers, is whether their exhibition hiring fee includes shipping and insurance. This information can already help shippers and insurers understand if it is usually the producer or the venue who chooses the supplier of these services.
This is just the beginning. We are going to publish a supplement looking at social media in the coming months - this means we can map the impact of exhibition business models and collaboration on the digital reach of the organisation. We will also publish a supplement to the Vastari Global Report looking specifically at Italy, USA and UK - to compare the market for exhibitions in these three locations.
Every 21st century business will rely on data to survive in a fast-moving world with shorter attention spans. These stacked bar and pie charts are just a flavour of the knowledge that will be needed to do business going forward. Vastari are proud to be championing data transparency for all market participants.
Cover image: screenshot from Exhibition Finance Report -- Copyright Vastari Group Ltd