The Role of Innovation in Sustainable Financial Development of Museums in the Russian Federation in the Era of Creative Industries

This study investigates the relationship between innovation and financial sustainability of Russian museums. Existing research in this area is limited by the lack of centralized data on museum financing and innovation practices. This study addresses this gap by analyzing the impact of innovation on the financial performance of museums. The study identifies gaps in Russian museum databases and previous research in order to provide a more comprehensive picture than previous studies. It identifies museum innovation typologies and financial sustainability criteria, and builds a research model with relevant hypotheses. Data are collected through a survey of 313 directors/managers of Russian museums and analyzed using PLS-SEM (least squares structural equation modeling). The results show that innovation has a positive impact on the financial sustainability of museums. Museums face challenges in the market environment and require new strategies for visitor attraction and financial independence. This study considers the changing role of museums for society, consumer demands and the changing cultural field as key drivers of innovation. The practical implications of this research are significant. It provides a basis for developing sustainable financial strategies for Russian museums. Understanding the role of innovation and creativity allows museums to develop more efficient activities and gain competitive advantages. The presented recommendations can be used by museums to realize creative approaches and achieve sustainable financial development. Keywords: Museum Innovations, Financial Sustainability, Russia, Creativity, PLS-SEM.