This study provides an assessment of the value of GLAMs using cost-benefit analysis (CBA) within an economic welfare framework. It takes a Total Economic Value (TEV) approach, which measures the economic benefits accruing not just to direct beneficiaries such as GLAMs visitors, but to “non-users”—people who value GLAMs’ existence even if they have not recently visited one.
Combining all value components, we were able to quantify as benefits, the total gross value of GLAMs to Canada is $11.7 billion a year (in 2019 prices). This estimated benefit was derived from annual costs (the operational expenditure needed to run GLAMs) of $3.0 billion. Dividing the $11.7 billion in benefits by the $3.0 billion of costs gives a benefit-cost ratio (BCR) of 3.9. This means that for every dollar invested in non-profit GLAMs, society gets nearly four dollars in return. GLAMs perform very favourably when compared to other major social investments, such as transportation infrastructure.
It is also useful to highlight the net benefits of GLAMs; some prefer this approach as it indicates how much better off society is in aggregate. We estimate that society gains $8.6 billion from GLAMs’ existence every year.
Read the report in English
Read the report in French
Our economic consulting team are world leaders in quantitative economic analysis, working with clients around the globe and across sectors to build models, forecast markets and evaluate interventions using state-of-the art techniques. Lead consultants on this project were:
Oxford Economics’ team is expert at applying advanced economic tools that provide valuable insights into today’s most pressing business, financial, and policy issues.
To find out more about our capabilities, contact:
+44 (0)207 803 1415
+1 (646) 503 3068
+852 3974 8841
Delivering Value: The Economic Impact of the Civil Nuclear Industry
The study suggests the civil nuclear industry supports a £16.1 billion contribution to UK GDP, 211,500 jobs, and £7.1 billion in tax revenues. 24% occurs in the North West and 16% in the South West.Find Out More
Innovation Index: Are You Prepared to Shift from Survival to Growth?
Oxford Economics and NTT Data fielded a survey of 1,000 North American business and IT executives in 2022 to uncover future strategies to mitigate disruption.Find Out More
Reinventing for growth in a changing media landscape
Oxford Economics partnered with Accenture to survey 6,000 consumers around the world about their media and entertainment habits, experiences, and preferences.Find Out More