Sydney Symphony sees dip in budget surplus

Posted on: May 1, 2013

In Wednesday’s (5/1) Sydney Morning Herald (Australia), Andrew Taylor writes, “An illness that affects orchestras around the world has left the Sydney Symphony a little worse for wear. The orchestra’s managing director, Rory Jeffes, said ‘the cost disease’, an ailment that causes the patient’s spending to outpace its income, had led to a fall in profit of more than $1 million in 2012. … The orchestra recorded a profit of $425,613 last year, down from the $1.522 million profit of 2011, according to its annual report, released on Tuesday. … The orchestra’s revenue declined by $796,000 to $37.3 million, while its expenses rose by $600,000 to $36.87 million. … The orchestra’s 2012 profit was also affected by last year’s tour to China, which Jeffes said ‘wasn’t a break-even tour’. Earlier this month the orchestra cancelled a tour of Germany, Armenia and Russia, which was intended as a ‘last hurrah’ for Russian principal conductor Vladimir Ashkenazy, because an agreement on venue fees could not be reached. The orchestra boosted ticket sales to subscribers by more than $600,000 to $7.9 million last year, but single-night ticket sales dropped by almost $670,000 to $8.5 million. Jeffes attributed the fall in single-night ticket sales to the orchestra’s success in increasing its subscriber base by 23 per cent over the past five years.”

Posted May 1, 2013