Estonian National Museum seeks to cover nearly 30% of costs with own revenue

The Estonian National Museum, located in the Raadi district of Tartu, is scheduled to open this fall. (Postimees/Scanpix)
7/13/2016 10:57 AM
Category: Business

During its first year of operation, the Estonian National Museum (ERM) hopes to cover 28.6 percent, or 2.1 million euros, of its projected operating costs of 7.4 million euros out of its own revenue.

According to the museum's calculations, the greatest share of its revenue should be generated by ticket sales; the ERM is expecting a total of 140,000 ticket purchases and approximately 200,000 visitors during its first year of operation, reported Estonian daily Eesti Päevaleht (link in Estonian).

Based on these calculations, revenue from ticket sales should reach 1.5 million euros, and the remainder of expected revenue would be generated from event rentals and conferences.

The museum will also feature a restaurant and café which are prepared to serve 500-1,000 clients per day initially, but expect an average of 150 visitors per day in the future.

Construction on the ERM's new main building in the Raadi district of Tartu is scheduled to be completed by this fall. The total projected cost of the construction and outfitting of the museum is over 63 million euros plus VAT.

Editor: Aili Sarapik

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