Operas and Orchestras make tough decisions due to the economy

The NYTimes has just posted an article about how several opera companies and orchestras are changing their business model, cutting performances, reducing staff or reducing staff benefits due to the bad economic situation. This article is especially interesting because they look at large organizations such as the Met, but also look at the decision some smaller organizations like Michigan Opera. As donors and subscribers are being hit hard financially, companies are projecting lower ticket sales and contributions. However, the most worrying aspect of the problem is that organizations are seeing their security blankets – their endowments – shrinking away. The Philadelphia Orchestra saw its endowment shrink from $220 million to $160 million.

http://www.nytimes.com/2008/10/28/arts/music/28clas.html?partner=permalink&exprod=permalink

--Erika