Seeks $2 Million to Launch ’09 Season by July
(April 15, 2009, Beverly, MA) – North Shore Music Theatre (NSMT) officials announced a turn-around plan today that would deliver a six-show musical theater season, along with its traditional production of A Christmas Carol and other concerts and educational programs, at nearly half the cost of previous seasons, a $4-million savings in annual expenses. The plan’s success hinges on the theater’s ability to raise $2 million in donations by this July to jumpstart a new business model and launch a 2009 season.
The business model, developed and refined over the last several months, calls for “co-production” with other regional theaters whereby the partner-theaters share shows and their associated expenses. Through co-production NSMT will be able to deliver each show at dramatically lower costs, while maintaining the high artistic quality that audiences have come to expect.
The $2 million need is far less than the $4.5 million the theater faced last December when a crumpling economy, plummeting ticket sales and ongoing recovery from a devastating fire in 2005 left it unable to cover its operating costs. Since that time grassroots fundraising efforts have yielded approximately $400,000 in support, which has helped fund the theater’s base-line operating costs, enabling it to focus its efforts on a turn-around strategy.
“Our business model is a critical step in the theater’s financial recovery,” said David Fellows, Chair of NSMT’s Board of Trustees. “We also must restructure our balance sheet and enhance our fundraising capability. If monies are not raised in time for a 2009 season, we would continue our fundraising efforts toward a 2010 season next summer, but would run the risk of our creditors giving up on us.”
NSMT’s co-production venture and upfront contributions of $2 million would enable a 2009 season to begin in July and continue into the fall, closing in December with A Christmas Carol. The following season would commence at the beginning of the summer. The initial ’09 season line-up advertised in advance to NSMT subscribers is likely to change based on negotiations with the partner-theaters; however, the shows will consist of popular, mainstream, musical theater hits.
“The shows will still be original for the season but will have a two-week instead of a three- to four-week run, and with shared production expenses, actual costs will be 40 percent less than in the past,” said Barry Ivan, NSMT’s Artistic Director and Executive Producer. “We will adapt each show to our specific space and audience, putting our signature on it. In a way, we are returning to our roots. Years ago NSMT had great success working in partnership with other theaters.”
Though NSMT is ready to run with a new business model, it still faces the financial challenge of delivering a 2009 season and making good on its commitment to subscribers, many of whom have paid in advance for their tickets. “Some subscribers have generously converted their subscriptions to donations,” said Fellows. “But for those who may not be able to do that, they have a credit with the theater and we appreciate their continued patience and understanding as we work toward delivering a season, if not in 2009, then hopefully in 2010.”
“We have work ahead of us but we have a viable business plan,” Fellows added. “We need the funding to launch the new business model and we need the continued cooperation of our creditors and the support of our donors to have a future. With their backing, our revival could serve as a national model to other performing arts organizations who are trying to survive these challenging economic times.
“We are grateful for our loyal supporters and urge everyone who cares about North Shore Music Theatre to make as generous a contribution as possible to assure that this theater and local cultural resource is here for the benefit of future generations,” said Fellows.
One of the largest nonprofit professional theaters in New England and the second largest nonprofit arts organization in Massachusetts, NSMT has produced dozens of new musicals, including national and world premieres, earning it a reputation as one of the most popular theaters in the U.S. Its Theater for Young Audiences, Academy of Music Theatre and school outreach programs have reached more than two million children and young adults across the state.
To donate or make a pledge to NSMT, please go to http://www.nsmt.org and complete the appropriate form.