In the Arts: NYC Opera Posts Biggest Loss in a Decade
June 3, 2009 | Read Time: 1 minute
The New York City Opera lost $11.3-million in the 2007-8 fiscal year, leaving the 66-year-old company in its deepest financial hole since 1999, reports Bloomberg.
Tax returns show that the opera’s revenue from tickets, donations, and investments declined 23 percent — to $32.9-million — for the year ending June 30, 2008, while expenses rose 11 percent, to $44.2-million. The company went to court twice last fall for permission to borrow from its endowment.
In other arts news, Variety reports the Tony Randall Theatrical Fund is suspending its usual policy of subsidizing a single classical production per year and will instead divvy up its annual $100,000 grant among 10 off-Broadway troupes for general operational support.
