Abstract
ABSTRACT The finances of performing arts organizations are sensitive to economic recessions. We use data from the “Great Recession” to provide a window into the problems that symphony orchestras will need to circumvent during and following the COVID-19 recession. We estimate that for every 1 percent increase in unemployment, attendance will decrease by 2.4 percent. With audiences who will be slow to return to concert halls, orchestras should expect years of diminished numbers of ticket buyers. Symphony orchestras will need to practice cost-cutting measures, while reinventing themselves through innovative programmes, including increased streaming platforms, in order to prosper post-COVID.
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