Culture Banking

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= "by developing processes and creating easily adoptable solutions for artists and arts organisations to take a commons-based approach to their IP, we can regenerate commons-based access to markets". [1]

Discussion

Liam Murphy:

" 'CultureBanking' in the UK, is a response to this need for a re-connection of the moral, spiritual and material imperatives for art and culture. It is also a movement to retain IP and re-connect the market with the commons, 'banking' our communal digital rights to re-fund cultural activity in localities and grow capital for future cultural investment. There are parallel initiatives bearing the same name around the world, all of which acknowledge that the way we fund local growth in arts and culture is flawed. In the USA Culturebank aims to create "a new paradigm in financing the arts by re-defining returns on investment". At Culturebank in Sydney the model is equally re-distributive but uses crowdfunding methods, more akin to the SOUP model, like a modern potlatch system. The aim of ‘CultureBanking’ in the UK is to build locally sourced and rooted ‘banks’ of IP in communities which can hold their own in local national and international markets, channelling investment and income back to a real place with real benefits: Essentially, a Commons Collecting Society. Currently there are few media or market platforms performing this function. By taking control of the assets you create, you're saying: "We're here - these are our terms, take them or leave them". It’s an important message – especially for young people whose ‘digital footprints have farthest to go." (https://www.voluntaryarts.org/culturebanked-our-digital-cultural-commons)