Meanwhile, the board is also digesting the findings of an independent review critical of OA’s culture, morale and workplace structure which has been undertaken by veteran corporate adviser, Gabrielle Trainor.
Opera Australia posts $10 million loss
Published 12 hours ago• 3 minute read
‘Picture of misery’: Opera Australia posts $10 million loss as audiences hit a cliff
in quick succession of each other. Sims said there would likely be an announcement on leadership roles “between June and August”.
OA’s box office revenue sank to $50.7 million in 2024, down from $65.7 million the previous year, according to its annual report.
Audiences fell to fewer than 362,430 attendees across 23 productions and 356 performances in a year in which it was accused of staging excessively frothy commercial fare to fortify its balance sheet.
This amounts to a perilous 26 per cent fall in attendance compared to the previous year when OA performed to nearly half a million opera-goers, which was down from 627,000 the year before.
Donations and sponsorship slumped from $8.1 to $6.3 million, suggesting a philanthropy drive is needed.
In 2023, OA posted a $7.8 million operating deficit, which it blamed in part on cost-of-living pressures.
The results will fuel calls for changes to the board.
“All this ocean of red ink adds up to a picture of misery,” said one opera insider who declined to be named as they were unauthorised to speak. “This is crunch time for the board of Opera Australia.”
In its financial statement, the company blamed external financial challenges common across the Australian arts industry and foreshadowed further cost-cutting.
Christine Anu as Hermes and Elenoa Rokobaro as Persephone in a scene from Opera Australia’s Hadestown, now playing in Melbourne.Credit: Penny Stephens
“Opera Australia is fully engaged in the execution of strategies aimed at enhancing its ongoing financial sustainability and recouping losses accumulated over recent years.
“Paramount to this is a focus on commercially sustainable programming, considering the balance of commercial and artistic outcomes in its annual program in a way that both excites audiences and delivers sound financial returns. The company is also focused on cost control, including a recent procurement review.”
Meanwhile, the Australian Ballet has also unveiled a huge loss. According to its 2024 annual report, the company booked a net loss of $9.1m. That figure would have been more than twice as bad had it not been offset by donations and investment earnings totalling $11.9m.
Australian Ballet chairman Richard Dammery said the board would continue to exercise “prudent oversight” and “financial discpline”.
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