Philadelphia Orchestra bankrupt
- Thread starter annie
- Start date
That is really sad news...
No surprise to me really, the demographics are inescapable, as older fans stop going to classical concerts, there are not enough new younger people taking their place.
I am not going to comment on the contract/legal issues, but do hope that they find a way to keep making music even if they have to tap into their endowment fund.
No surprise to me really, the demographics are inescapable, as older fans stop going to classical concerts, there are not enough new younger people taking their place.
I am not going to comment on the contract/legal issues, but do hope that they find a way to keep making music even if they have to tap into their endowment fund.
this could be nothing more than a business strategy to get members to accept pay cuts and to alter the retirement benefits.
I am always skeptical when a business as big as the Philadelphia Orchestra file a reorganization bankruptcy. They have financial forecasters, etc to help them plan for future expenses and incomes. It is not like they just discovered the economy is bad, and have to make quick changes. Chapter 11 is a powerful business tool.
They will do whatever it takes to keep the Orchestra alive and thriving, even if it means debt restructuring.
I am always skeptical when a business as big as the Philadelphia Orchestra file a reorganization bankruptcy. They have financial forecasters, etc to help them plan for future expenses and incomes. It is not like they just discovered the economy is bad, and have to make quick changes. Chapter 11 is a powerful business tool.
They will do whatever it takes to keep the Orchestra alive and thriving, even if it means debt restructuring.
Lynch
Here for the cookies and the tunes
me and Jon Bon Jovi both blame Steve Jobs for this. Dirty rotten scoundral!
I can't see the musicians being to blame for this, they've already taken salary cuts, but if it comes down to playing for a lot less money, or not playing at all and doing a "real job" I guess they'll have to do whatever it takes to make the numbers work.
Over 15 years ago classical music made a comeback, with the arrival of the CD and downloading, but I guess that never transfered to the live concerts that are their main source of revenue.
Over 15 years ago classical music made a comeback, with the arrival of the CD and downloading, but I guess that never transfered to the live concerts that are their main source of revenue.
Lynch
Here for the cookies and the tunes
It's a change in the entire scene and that's due to the "regulars" probably getting older coupled with the economy and not an outpouring of newer and younger fans.
In the end, I would guess that the gov't will bail them out for a while because we "need to protect the arts". no offense to anyone that's really into it (or any other 'art'), but I have a huge problem with the government handing over money for stuff like that. But I could be talking out my ass on it too.
In the end, I would guess that the gov't will bail them out for a while because we "need to protect the arts". no offense to anyone that's really into it (or any other 'art'), but I have a huge problem with the government handing over money for stuff like that. But I could be talking out my ass on it too.
I guess it also has something to do with the stature of the orchestra involved. Those chairs are filled with some of the best at their craft in the world, no different than a starting spot on a football team. So their salaries would be commensurate with their peers, the London Symphony, the Vienna, Berlin Philarmonic and so on. Our modest symphony never has any problems, they get full houses and we just built a new state of the art concert hall for them with pipe organ about 10 years ago.
annie
metal maniac
Don't worry about your wallet Lynch, this is a city problem, not a federal government one. Already the orchestra is launching a "Listen With Your Heart" public fund raising campaign. They are asking the citizens of Philadelphia to join the fight for the institution that has helped to define the city's greatness. Besides, the government is too busy spending your money on launching Tomahawk missiles
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Lynch
Here for the cookies and the tunes
Well, the gov't is busy spending money on a shitload of things they don't need to be spending it on (on both sides of the political and social spectrum) but I'm not going to go into it since this is not the place for it.
Back to the topic, if they can get the public to fund it, that's great, but I think it would be a temporary band-aid in a bigger overall issue, which is being able to financially support something that has a dwindling fanbase, especially with the current and flakey economy.
Kuaizi
Senior Member
The sad thing is, this orchestra isn't the only one having trouble. Syracuse Orchestra just folded and laid off all of their members, and the Detroit Symphony is struggling badly as well.
I think classical music is important for culture. It's too bad most people don't see it that way.
I think classical music is important for culture. It's too bad most people don't see it that way.
