Another big name in entertainment may face a Dallas bankruptcy court by the end of the year. The Dallas Symphony Orchestra has been struggling to maintain profitability in these tough economic times. With fewer people spending the money for tickets and a fancy night out in the arts district, the 110 year old entertainment company is facing tough decisions about its financial future.
The End Of An Era?
Unfortunately, this isn’t the first time the Dallas Symphony Orchestra has faced economic trouble. Funding problems forced the program to cancel an international concert series back in 2009. The DSO isn’t the only orchestra in the United States facing financial troubles. Orchestras in several metropolitan areas have become extinct, forcing the city’s performance art programs into bankruptcy. Typically funded by donations, endowments and large estate gifts, these programs have seen a sharp decline in income levels resulting from fewer charitable patrons.
As operating expenses skyrocket to keep up pace with consumer expectation, large budget shortfalls have created an overwhelming financial deficit that these programs simply can’t fight. The DSO isn’t ignoring adversity and the program’s board is taking big steps to rework their business model for one that can better suit today’s fiscal realities. Even the musicians are taking part by agreeing to a wage freeze to help boost the program’s profitability once again.