Shaw Festival reports operating deficit amid other festivals’ financial woes
By The Canadian Press on March 9, 2024.
NIAGARA-ON-THE-LAKE, Ont. – A theatre festival in Ontario has become the latest in Canada to express concerns about financial woes. The Shaw Festival in Niagara-on-the-Lake says it ended the 2023 season with an operating deficit of $5.7 million, despite seeing its largest-ever level of operating revenue. The festival’s treasurer says in a press release that 2023 was also the festival’s best fundraising year, but the deficit came about because of continuing challenges from the COVID-19 pandemic, wildfire-smoke dampening tourism, inflation and issues with the foundation at the Royal George Theatre. But the Shaw Festival says this year is looking promising, with early 2024 sales indicators well ahead of year-to-date budget targets and plans in place to retire debt quickly thanks to some operational streamlining moves. Word of the deficit comes after the company that runs the Just for Laughs comedy festival cancelled its events this year in Montreal and Toronto amid restructuring. Hot Docs, which is Canada’s largest documentary film festival, also says it faces financial pressures that have put its future in jeopardy. This report by The Canadian Press was first published March 9, 2024. 8-7
