As we move into the second half of 2023, we wanted to check in on how arts institutions are faring, the overall state and sentiment about the last 6 months, how organizations are preparing for the remainder of the year, and the overall outlook for the sector. Our latest ABA Executive Benchmark asked arts and culture leaders to share the current state of their organizations’ ticket/membership sale health, operating budgets, and financial forecasts.
Highlights from the survey include:
Subscription and membership sales are tracking ahead of last year for most organizations, but a third feel it is too soon to tell for single ticket sales.
About half of respondents anticipate a budget deficit this year; of those, nearly half are prepared to draw from cash reserves to bridge the gap.
A majority of organizations have been able to increase budgets this year, and half have avoided departmental spending cuts.
Contributed income remains a significant proportion of organizations’ operating revenues, and most arts and culture leaders anticipate that individual and foundation giving will increase this year.
