From Lawrence Goldman, CEO of NJPAC, the New Jersey Performing Arts Center. He’s going to step down to run a new real estate corporation NJPAC is starting:
The arts centers that are going to be successful in the next decade or
two are the ones that diversify their revenues, The basic economic model of presentations, tickets sales and
fund-raising is beginning to break down.
Note that NJPAC has been highly successful. As a New York Times story (the source of the quote) noted:
The move does not reflect a state of emergency at the center, a need for
a quick infusion of money or any shift in priorities, Mr. Goldman said.
Rather, it represents a recognition that, given the economic climate,
it makes sense to develop alternative sources of income and to play a
more active role in animating the center’s neighborhood.
I don’t think it’s just arts centers. Orchestras, anyone? Opera companies? Music schools?