“As it prepares to re-enter labor negotiations with its musicians, the Nashville Symphony has reduced its debt to less than $23 million, lowered operating expenses by $10 million a year and set a new ticket sales record, according to information released on Friday,” writes Nate Rau in Friday’s (4/18) Tennessean. “Meanwhile, the symphony has already set a new box office record with $8.1 million in ticket sales through this week…. Fundraising is on track too, though President and CEO Alan Valentine said the organization still needs the community’s help to reach its $6.7 million goal.… Responding to its financial crisis … the symphony reduced its expenses by a projected $10 million a year. The reductions came from a concessionary labor contract negotiation with the Nashville Musicians Union a year ago, plus staffing reductions and pay cuts for the administration and employees.… Valentine said preliminary meetings with the musicians union have begun, but declined to offer details about those talks other than saying there is a ‘good spirit’ to them. Valentine expressed pride and gratitude toward the musicians that the symphony has been able to increase its education and community engagement commitments despite last year’s pay cuts.”
Posted April 22, 2014
