Stratford Festival reports $400K surplus

2023 attendance was up about 35% from 2022 levels

The Stratford Festival posted a modest surplus for its 2023 season and recorded a double-digit increase in audience attendance compared to the previous year, figures that the organization says bode well for its ongoing pandemic recovery.

In a report issued Wednesday, the repertory theatre company said ticket sales last year exceeded its targets, with some 443,000 patrons attending a show, up roughly 35 per cent from 2022. By the end of the year, the festival reported a surplus of $404,000. “Financially it’s gratifying to see a surplus on the season,” said Anita Gaffney, executive director of the festival. “It’s good to see people coming back, generously giving to the festival.”

The Stratford Festival’s 2023 season, which began in mid-April and concluded in November, featured 13 productions across four venues. The organization cited its two musicals last season, “Rent” and “Spamalot,” as helping to drive ticket sales, with both shows extending beyond their original closing dates.

Last year also saw a significant number of first-time patrons, Gaffney added. Some 30 per cent of tickets were sold to audiences who had never been to the festival, she said, noting the rock musical “Rent” along with Shakespeare’s “Richard II” and “King Lear,” the latter featuring television star Paul Gross, particularly appealed to new audiences.

In all, the Stratford Festival reported $80.1 million in revenue and $79.7 million in expenses. Though revenue from ticket sales is near pre-pandemic pandemic levels, expenses have increased roughly 25 per cent compared to 2019.

Despite that, the amount of contributed revenue such as donations increased by 62 per cent compared to before the pandemic and helped bridge the financial gap caused by rising operational costs.

Gaffney said the festival is still in the midst of its recovery following the pandemic shutdown. “Ticket sales are not quite at pre-pandemic levels,” she said. “So it’s very much still in a rebuilding phase and I think that will be the state of things for the next couple of years.”

Tickets sales for the 2024 season have been “a little softer” than expected, she said, noting people often wait until the last minute to buy a ticket.

“We’re optimistic,” she said.