Chicago Symphony Orchestra Posts Surplus… But How?
October 24, 2010 § Leave a comment
The Chicago Symphony Orchestra recently announced that it experienced a $41,000 surplus on their fiscal year 2010 operating budget of $61.6 million. This was the orchestra’s fourth consecutive budget surplus. Contributions to the annual fund rose by 3% to $21.6 million, and adding in $3.5 million in donations to the endowment, the CSO raised $25 million for the year. While subscription ticket sales dropped 7%, single ticket sales rose by 3%. Ticket revenue totaled more than $20 million for the fifth consecutive year. For the current season, the main series concerts renewal rate is over 88%.
In the current economy (in any state of economy really), these are exceptional figures. The CSO didn’t only break even they had a surplus. While it was only a modest one, many orchestras in this country can only dream of being in the black. What I’d like to know is how was this achieved? Certainly, the CSO is a top tier orchestra located in a city that may be in a better economic condition than most and that has the enthusiastic support of Chicagoans and the local government alike.
What other factors contributed to their surplus? Was it their programming? Is it a result of strong leadership and management? Did they add successful programs or eliminate unprofitable ones? An analysis of how the CSO maintains its financial stability may give struggling orchestras ideas for how to regain their solvency.
–Siobhan Lau
Public Relations for the Arts 
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