Together with the Chevrillon group, IDI invests in digital art museums and exhibitions by acquiring Culturespaces from Engie. A key player in a digital-dominated market that is revolutionizing art exhibitions and allowing a wider audience to discover the works of famous painters.
IDI starts the year with a first acquisition in the field of digital art, joined by the PE Chevrillon fund. Culturespaces, a Paris-based company with more than 30 years of experience in the management of monuments, museums and art centers, and which has more recently turned to the design and creation of ??immersive? ? digital art exhibitions, such as Lights Workshop opened in Paris in 2018. This most recent acquisition is fully in line with IDI’s focus on digital-first businesses.
With the acquisition by the consortium of the 86.1% stake held by Engie, which is implementing its strategic refocusing plan, IDI is positioning itself in an innovative activity with strong growth potential. For example, the Ateliers des Lumières, which hosts digital exhibitions of famous painters such as Van Gogh, Klimt and Picasso, welcomed 1.4 million visitors in 2019; the most recent figures are approaching their pre-pandemic levels. The company achieved a turnover of 72.3 billion in 2019.
With the opening of three new art centers in New York, Amsterdam and Seoul, Culturespaces is expanding internationally, which should accelerate with the entry of IDI as a shareholder. Not constrained by the same logistics of a traditional art exhibition, such as transporting and monitoring valuable artworks, the business model is in principle very profitable, which is further supported by ticket prices. (??16 per person) similar to top museums such as the Louvre and Musee d’Orsay.