6.3 Trends and indicators for private cultural financing
The huge twin investment in the new National Theatre and the Palace of Arts on the river banks in the south of Pest was erected as a Public Private Partnership scheme. The Palace of Arts (Müpa) is a large compound housing, among others, a 1 700 seat concert hall, the Ludwig Museum of Contemporary Arts. In addition to its own revenue of 1.3 billion HUF, Müpa received a HUF 1.4 billion subsidy from the government in 2012.
A similar PPP project between the Capital City of Budapest and private investors addressing the revitalisation of the former public warehouses on the bank of the Danube, including a unique architectural extension, ran into various legal complications and stood empty for two years before its opening in October 2013. The plans include important cultural functions.