National Theatre Takes Bold Action to Ensure Financial Stability: Activity Reduction Ahead
The National Theatre is a renowned theatre complex located in London, England. It was founded in 1963 and is dedicated to producing and showcasing a wide range of high-quality theatrical productions, including classic plays, new works, and contemporary adaptations. The National Theatre has three auditoriums, a learning center, restaurants, and bars, and offers a diverse program of performances throughout the year. It has a reputation for being one of the most important and influential cultural institutions in the UK, with productions that have won numerous awards and critical acclaim.
The National Theatre has released its annual review, detailing its plans for the future amidst challenging financial circumstances. Inflation increased energy costs, and reduced Arts Council funding have all contributed to a precarious financial situation for the institution. As a result, the National Theatre has had to be pragmatic, acknowledging that it will need to reduce activity levels to ensure financial sustainability.
Despite these challenges, the National Theatre remains optimistic about the future. It has identified opportunities to set more demanding growth targets for digital income streams, commercial exploitation of its productions, trading net revenue, and philanthropic support. It is also carrying out a strategy review to hone its key aims and objectives.
The National Theatre is committed to delivering on its mission and meeting the needs of its audiences, donors, funders, and other stakeholders and beneficiaries. It sees itself as a sector leader, supporting the future health of the industry.
Returning to a changed world has seen a shift in the National Theatre’s audiences, with a larger proportion of under 35s and people from global majority backgrounds. This rise is perhaps unsurprising given that many individuals would have left home, graduated, moved to London, or acquired disposable income over the course of 15 months.
The National Theatre is also committed to diversity on its stages, exceeding its five-year targets in all areas in its planned 2020-21 season. Its new programme in 2021-22 exceeded targets for writers and actors and came close on directors.
The National Theatre recognizes the challenging conditions that theatres are emerging into, with high rates of inflation and increased energy costs. It is mindful of paying its staff and freelance theatre-makers fairly, given that 60% of its expenditure is on people.
Despite these challenges, the National Theatre remains determined to position itself as a destination for food and drink. It plans to work in partnership with two highly credible independent restauranteurs to run its two restaurants and to expand its casual dining, café, and grab-and-go offerings with a range of street food traders.
The National Theatre’s artistic director, Rufus Norris, is confident in the institution’s ability to innovate and recalibrate in a changed world. With the extraordinary generosity of supporters and the loyalty of its audiences, the National Theatre is back in business and ready for the challenges ahead.
