This report provides evidence that public investment in England’s arts and cultural sector plays a pivotal role in attracting further income from private and earned sources – commonly referred to as ‘Crowding In’. This effect underpins the mixed economy model that sustains most cultural organisations in England, combining public funding, private investment, and earned income. 

https://www.artscouncil.org.uk/research-and-data/leading-crowd-report-role-public-investment-crowding