COVID-19 a disaster for heritage business models - Victoria & Albert Museum case study

The Victoria and Albert Museum (V&A), founded in 1852 and stemming from the Great Exhibition of 1851, had a mission to educate the public, designers, manufacturers and the public about art and design. Organizations like the V&A were intended to be initially funded from the proceeds of the Great Exhibition. But how did this funding model change with time? This teaching case study about the V&A makes a comparison between its pre- and post-coronavirus disease 2019 (COVID-19) business model (BM), aiming to map historic V&A value creation and value capture for visitors and stakeholders, while examining the underlying causes and effects of BM changes.