Minnesota Orchestra reports $3.8 million operating loss in annual report
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The Minnesota Orchestra is reporting a $3.8 million operating loss in its latest annual report. In fiscal year 2023-24, the organization says it saw a 22 percent increase in earned revenue from the previous fiscal year. However, it cites the loss of federal Paycheck Protection Program funding as a factor in overall revenue loss.
In a press release, Brent Assink, the orchestra’s interim president and CEO, described the organization as “still climbing back from the pandemic,” while also achieving milestones.
Milestones include achieving record-setting levels of earned revenue at $11.6 million. In-person audience attendance also increased slightly, though total ticket sales were down 9 percent compared to pre-pandemic levels.
“Going forward, we will continue to follow our financial plan in controlling costs and advancing our work in increasing and diversifying revenue streams,” said Assink.
In its report, the Orchestra also celebrated artistic achievements, such as Thomas Søndergård’s first official season as music director and a collaboration concert with local singer and rapper Nur-D.
The Orchestra’s nearly $4 million operational loss comes after the Guthrie Theater in Minneapolis reported a similar deficit this past summer.
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