Chicago Symphony reports small deficit
OrchestrasFrom the CSOA annual report:
The CSOA’s results from operations included total revenues of $78.8 million and expenses of $80.2 million resulting in an operating deficit of $1.4 million.
Total endowment and other investments were $453.5 million at June 30, 2024.
Endowment investments increased from $359.8 million at June 30, 2023, to $406.8
million at June 30, 2024, as a result of investment gains and new gifts to the SEMPRE
ALWAYS campaign. Over the same period, other investments, including beneficial
interest in trusts, increased from $41.7 million to $46.7 million. The CSOA continued to
reduce its long-term debt, which totaled $117 million as of June 30, 2024, and has
reduced the balance by nearly 20% since June 30, 2017.
Total assets at year-end were $581.8 million. Net assets increased $77 million as of
June 30, 2024, to $420.3 million
More gaslighting from Chicago.
Tickets sold were 291,988 compared to the pre-covid peak of 347,502 tickets sold in the 2017/2018 season. The structural permanent loss in audience is 15-20%, at a time when the major US houses (Cleveland, Philly, New York, Los Angeles) have fully recovered.
What the financial report tell us is that there were approx. $18.3M of net assets released for endowment withdrawal, and $3.6M more released for other investment withdrawal. Without this direct tapping into investment sources of support, $22M in operating losses more should be added to the deficit, which would become $23.4M, almost the size of the ticket sales ($26M). Operating expenses were $65M (higher than the $63M in previous year, an already staggering number). This is hardly the picture of a healthy organization with regards to its core business of making music offered in paid concerts. Take the endowment out and it would be over.
Meanwhile, Muti is bringing more “gifts” to other US cities. Here are excerpts of a review of his Philadelphia Verdi Requiem concert from the past week-end, published on Backtrack and titled “Requiem for a heavyweight: Riccardo Muti in Philadelphia”, a performance that was rated two stars out of five
(https://bachtrack.com/de_DE/review-philadelphia-orchestra-riccardo-muti-verdi-requiem-october-2024)
“Don’t meet your heroes, Flaubert once cautioned – they often have feet made of clay. […]
.. although Muti has lived with this work for decades and has a thorough pedigree as an opera conductor, the performance lacked a sense of musical variation and narrative drive ..
… The orchestral musicians played consistently well for Muti, though he seemed intent on goading them to keep things loud and fast…
… Muti’s preferred dynamics sacrificed the emotional core of the work for a few thrilling moments …
…With the orchestra and chorus essentially operating at one speed throughout the performance, the progression of the work lacked a total impact …
…As a performance […] it felt as if we were laying flowers at feet of clay…”
His concerts in Chicago on Nov. 8 and 9 have hundreds of unsold seats.
On the other hand, his concerts with Uchida on Oct. 31, Nov. 2 and 3 are pretty much sold out.
Bring back Muti and give him a proper budget and a decent repertoire to get the bums on seats!