Ticket sale slump pushes theatre festival into red
The company that operates the Dublin Theatre Festival last year went into the red to record a loss of €157,563 as a result of a drop in ticket sales.
New accounts filed by the Dublin Theatre Festival show that the company recorded the loss after revenues declined by 8.5pc, going from €2m to €1.85m.
Ticket sales declined from €695,332 to €557,624.
The loss of €157,563 followed the festival recording a profit of €106,898 in 2015 and at the end of last December, the company was sitting on an accumulated loss of €99,170.
The company's increased investment in its artistic programme last year contributed to its costs increasing from €1.9m to €2m.
Following last year's loss, the directors of the festival state that the aim "is to now return to the previous pattern of growth and to increase the number and diversity of the Dublin Theatre Festival audience".
The directors state they are committed to reducing deficits when they occur and will endeavour to reduce the current deficit in 2017.
The festival is celebrating its 60th anniversary this year and the directors state that the shortfall carried forward from last year "will be cleared in the next three to five years and the company will invest further surpluses in reserved with the ambition of safeguarding against risks and facilitating greater ambition".
The theatre company's revenues last year includes an Arts Council grant of €810,000.