NJPAC diversifying revenue sources

Posted on: October 18, 2010

In Friday’s (10/15) New York Times, Robin Pogrebin writes, “Performing arts centers typically present performances, not develop real estate. But the New Jersey Performing Arts Center in Newark is stepping up its involvement in real estate by putting its founding president and chief executive, Lawrence P. Goldman, at the helm of its newly created NJPAC Development Corporation, the center announced on Friday. ‘The arts centers that are going to be successful in the next decade or two are the ones that diversify their revenues,’ Mr. Goldman said in an interview. ‘The basic economic model of presentations, tickets sales and fund-raising is beginning to break down.’ Mr. Goldman, 64, will step down as chief executive in June, the end of the fiscal year, after almost 22 years of leading the performing arts center, which is among the largest in the nation. … The move does not reflect a state of emergency at the center, a need for a quick infusion of money or any shift in priorities, Mr. Goldman said. Rather, it represents a recognition that, given the economic climate, it makes sense to develop alternative sources of income and to play a more active role in animating the center’s neighborhood.” NJPAC is one of the New Jersey Symphony’s primary venues.

Posted October 18, 2010