announcement<\/a> along with a relatively routine season launch announcement this week. The Hall announced its intention to become financially self-sufficient without external funding. It plans to achieve this by expanding its Director’s Fund from \u00a37 million to an eye-popping \u00a310 million jackpot by 2027.<\/p>\nWhy the move away from government funding?<\/h3>\n
Wigmore Hall is already 97% self-sufficient. Only 3% of its funding comes from the public. Of that 3%, funds like the Arts Council England (ACE) are shifting their attitude on arts funding. ACE has sliced a hefty \u00a350 million a year from London’s classical music scene and reallocated it elsewhere. Wigmore is also profiting from selling tickets and chasing new younger audiences, but reaching them is increasingly expensive.<\/p>\n
Should London\u2019s classical crowd be worried about Wigmore Hall?<\/h3>\n
Not at all \u2014 Wigmore Hall is in a very good spot. Their audience numbers are smashing pre-pandemic records. With 550 concerts this season, Wigmore Hall is uniquely positioned to respond proactively to the precarious and volatile nature of arts funding.<\/p>\n
In fact, Wigmore Hall may be onto something. Art venues, orchestras, and opera companies struggling with rising costs, falling attendance, and precarious funding would benefit from harnessing investment revenue made from their foundations. In other words, arts groups could conceivably shift their funding models to investment funds first and foremost. Here\u2019s to self-funding symphonies and standing ovations!<\/p>\n","protected":false},"excerpt":{"rendered":"
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<\/p>\n