Wednesday, May 21, 2008

Blanchett’s Company Declares Deficit

Despite the appointment of Cate Blanchett and Andrew Upton as co-artistic directors, and Italian fashion designer Giorgio Armani's large cash donation, the Sydney Theatre Company yesterday announced a loss of $253,007 -- its third consecutive deficit.

The deficit occurred despite box office receipts of $11.2 million last year, the second-highest figure in the company's history, and a 9% increase in sponsorships and philanthropic donations, reaching a record total of $2.6 million.

The STC had sellout seasons of three main productions: Blackbird, which Blanchett directed, Upton's play Riflemind, directed by Philip Seymour Hoffman; and Patrick White's The Season at Sarsaparilla, directed by Benedict Andrews. The STC is fortunate that it has been able to dip into its cash reserves of more than $1.6million to offset the deficit. Thanks to federal and state government subsidies, the STC now will receive about $500,000 a year from this year to 2010.

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