Investing in Culture: How Irish Arts Partnerships Are Driving Community and Corporate Impact in 2024

A striking 8.5% increase in partnerships lasting five or more years demonstrates a move toward sustained relationships between businesses and cultural organisations. This trend reflects an acknowledgment of the mutual benefits that emerge when both partners invest deeply in shared outcomes over time.

For example, the enduring partnership between the Five Lamps Arts Festival and the Central Bank of Ireland, which began in 2021, exemplifies the value of these kinds of long-term commitments. Managed through the Central Bank’s Social Responsibility Working Group, the collaboration goes beyond financial sponsorship to include exhibition spaces, expertise, and employee engagement. According to Róisín Lonergan, Director of the festival, the business expertise provided by Central Bank staff has been instrumental in enhancing the festival’s organisational approach, while for Central Bank Data Analyst Eoin O’Reilly, who manages the partnership, the cultural events foster a stronger connection to Dublin's North Inner City and local communities.

These findings align with broader European research. The Creative Industries Policy and Evidence Centre's (PEC) 2023 report on Impact Investing in the Cultural and Creative Sectors highlights how long-term partnerships between businesses and cultural organisations yield enduring value, especially when structured around shared goals of societal and community impact​.*

In 2024, there was a 9.4% increase in arts partners citing "connection to the local area" as a deciding factor for partnerships. This reflects a growing understanding of the arts as a medium to deepen community ties and regional identity. For the Central Bank partnership, staging exhibitions focused on the local Sheriff Street area provided employees with a "sense of place" and strengthened the organisation’s relationship with the community.

Similarly, the BENCH project by CoisCéim Dance Theatre and Waterways Ireland leveraged Dublin’s canals as both a stage and an inspiration, bringing 29 unexpected live performances with four original choregraphies to the public realm. These projects underscore how partnerships grounded in local relevance resonate with stakeholders, aligning cultural and corporate interests with regional development goals.

In a broader European context, insights from the European Institute of Technology and Innovation's (EIT) Culture & Creativity Strategic Agenda 2024-2027** highlight how embedding cultural initiatives within local communities creates economic revitalisation and social inclusion pathways. By focusing on regional cultural ecosystems, this agenda emphasises how projects grounded in a strong sense of place can foster both community engagement and sustainable growth.

This approach aligns closely with Irish trends, such as the Central Bank’s support for the Five Lamps Arts Festival and CoisCéim Dance Theatre’s collaboration with Waterways Ireland, where artistic efforts became opportunities to connect businesses, communities, and local identities. These initiatives exemplify how localised cultural investment serves as a strategic driver of innovation and cohesion, reinforcing the transformative potential of such partnerships​.

A growing sophistication in partnership models is evident, with a notable 10.7% increase in businesses citing "fulfills an ESG/CSR objective" as their primary reason for investing in the arts. This shift points to a broader corporate recognition of the arts as a means to achieve social and environmental goals, transcending traditional sponsorship.

The relationship between CoisCéim Dance Theatre and Waterways Ireland exemplifies this trend. Described by Máirín O'Cuireáin, Development Manager at Waterways Ireland as "not a sponsorship," the partnership was built on aligned strategic objectives rather than predefined marketing outcomes. This horizontal dialogue allowed for authentic collaboration, enabling both entities to co-create a project that integrated the arts into public spaces while advancing environmental and cultural goals.

This approach mirrors findings from PEC's 2023 report, which underscores the increasing role of co-creation in impact investment strategies within the arts, offering more sustainable and meaningful outcomes than traditional sponsorship models​

With a 9% increase in businesses prioritising partnerships that "provide a unique experience/opportunity for stakeholders," the role of the arts as a conduit for distinctive engagements is more pronounced than ever. The Royal Irish Academy of Music (RIAM) and Clinch Wealth Management partnership illustrates how such experiences can benefit all involved. Their Wigmore Series, Dublin offered high-profile concerts and artist meet-and-greet sessions for clients, fostering connections while generating new business for Clinch Wealth Management.

John McEvoy, Head of Development at RIAM noted the importance of structuring partnerships to deliver dual benefits: elevating Ireland’s cultural offerings while creating exclusive experiences that resonate with corporate clients and students alike. This ability to intertwine artistic impact with stakeholder engagement reflects a growing trend for partnerships to serve as shared platforms for innovation and connection.

Despite these successes, challenges remain in the timeframes required to establish meaningful partnerships. A 6.4% increase was observed in partnerships taking 12–18 months to develop, and 4.8% required over 18 months. This underscores the importance of persistence and strategic alignment in the early stages of collaboration.