Estimate the revenue of a museum in a day in a city in Europe?

Question

Accepted Answer

Estimating the revenue of a museum in a day in a European city.

Consider the average ticket price of the museum
Estimate the number of visitors based on the museum's popularity and capacity
Factor in additional revenue sources like gift shop sales or special exhibitions
Take into account any discounts or promotions offered by the museum
Research similar museums in the city to gather comparative data

Accepted Answer

[Please note that I stands for Interviewer and C stands for Candidate]

C: Sure. It is an art museum based in some city with population 0.5 MN. The museum is 200 years old.

We can consider it to be a weekend. The neighboring cities also have museums. The customers include household and people travelling from outside.

I think the revenue segments would ideally be – ticketing revenue, gifts & souvenirs, and F&B shops. Is there any source of revenue that I am missing?

I: Yes, so company has an exhibition space and earns from B2B segment by giving it on rent.

C: Sure, thanks for this. I would want to look at this problem from customer’s perspective and figure out how many people would visit in a day (i.e., weekend) (Listed factors like - age, interests, guests etc. to understand how many people will actually visit)

I: what more will you consider getting to the figure?

C: I would want to see the number of households, and then assume 40-50% people having the willingness to go to museum rather than their next best options of entertainment, shopping etc. Also considered facts like guests being at home and taking them along for it and going to nearby museums.

I: I do not need a number, just wanted to see your approach. That will be it.

Estimate the revenue of a museum in a day in a city in Europe?

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