Canadian Opera Company Posts Modest $32,000 Surplus in a 2015/2016 Season

The Canadian Opera Company's 2015/2016 season was one of continued artistic excellence paired with financial stability, as reported today at the COC's Annual General Meeting by COC Board Chair Colleen Sexsmith and COC General Director Alexander Neef. The COC's operating expenses for the 15/16 season were $40,278,000 with revenues of $40,310,000, allowing the opera company to report a modest surplus of $32,000. These expenses and revenues are a consolidated presentation of the financial results of the COC and its controlled affiliate, the Canadian Opera House Corporation, a charitable organization that owns and operates the Four Seasons Centre for the Performing Arts.

Additional highlights of the 15/16 season also include news of average attendance standing strong at 91%, total fundraising revenue totalling $11.7 million(operating and endowment) and an increase of $1 million in the Canadian Opera Foundation's Endowment Fund, valued at $37.5 million as of June 30, 2016.

"The Canadian Opera Company's 2015/2016 season demonstrates the astonishing strengths and vibrancy that have propelled us to the top tier of international opera producers, while making us one of the most successful and best-managed companies in Canada. I am pleased to report a modest surplus of $32,000 for our fiscal year," said COC Board Chair Colleen Sexsmith. "Although a moderate amount, it reflects the sustained effort we have made over the last five seasons to adapt to the financial challenges facing virtually every arts organization in North America. The positive outcomes of this multi-year self-reinvention are evidenced by the fact that for the second year in a row the company did not require additional support from reserve funds to break even, and that transfers from the Canadian Opera Foundation were reduced to less than 4% of total Endowment holdings, both significant achievements."

The 15/16 season was comprised entirely of COC productions, including the world premiere of Barbara Monk Feldman's first opera, Pyramus and Thisbe. A total of 105,228 patronsattended the 56 performances of the company's six mainstage productions presented last season at the Four Seasons Centre for the Performing Arts: Verdi's La Traviata; Monk Feldman's Pyramus and Thisbe presented with Monteverdi's Lamento d'Arianna and Il combattimento di Tancredi e Clorinda; Wagner's Siegfried; Mozart's The Marriage of Figaro; Bizet's Carmen; and Rossini's Maometto II.

The COC received 24 Dora Mavor Moore Award nominations in nine categories for its artists and productions in the 15/16 season, and won eight awards. Siegfried came away with five awards: for direction by François Girard and musical direction by Johannes Debus, as well as scenic design, lighting design and production. La Traviata took three awards: for performances by Ekaterina Siurina and Quinn Kelsey, as well as costume design.

"A key decision has been our return to a six-opera season since 2014-a move that has proved extremely beneficial to the overall health of the organization. It is has allowed us to focus, first and foremost, on artistic excellence without compromise, and given us the flexibility and latitude we need to plan for the future confidently," said COC General Director Alexander Neef. "We've also added and refined our ticketing options to increase and diversify our audience base, and looking beyond the mainstage, have been carefully tailoring and adding to our programs and events to provide more meaningful and sustained opera experiences for our current and future audiences. It's through these efforts as well as the generous support and efforts of many individuals, foundations, and public and corporate partners that we move closer to realizing that larger goal of making the COC one of the great opera companies of the world."

When comparing the results of the 15/16 season to the previous year, it is important to note that the COC toured to the Brooklyn Academy Of Music in March 2015. The difference in revenue relating to box office, tours and concerts stems in part from the COC's tour to New York. Additional production expenses for the 14/15 season were also incurred as a result of the tour. Year-over-year ticket-related revenue remained stable with the COC recording a total of 60,899 subscription tickets and 40,008 single tickets for the 2015/2016 season.

Total fundraising revenue for the 15/16 season continues to reflect an impassioned and engaged base of supporters resulting in $11.7 million (operating and endowment).Approximately 80% - $9.4 million -came from individuals, an increase of $400,000 from the previous season, excluding an extraordinary one-time gift of $800,000 in 14/15. Three of the COC's major special events raised 7% of the company's contributed revenues. The COC's annual fundraising gala and celebration of Canada's emerging opera voices, Centre Stage, saw continued increase in support to raise $467,000, an increase of $34,000 from the previous season.

The value of the Canadian Opera Foundation's Endowment increased by $1 million to total $37.5 million as of June 30, 2016. This is the result of the COC's continued efforts to maximize the Endowment Incentives component of the Canada Cultural Investment Fund combined with overall investment growth. The COC received a $1.365 million contribution from the Canadian Opera Foundation for the 15/16 season, drawn from the normal distribution of interest earnings on the endowment funds.

The COC received $6 million in government support for the 15/16 season, a decrease of $323,000 due to special grants in the previous year not being received, as well as an expected general 5% cut in funding to all grant recipients by the Ontario Arts Council.

Bar, event, parking and third-party rental activities at the Four Seasons Centre continue to provide a strong and stable revenue stream for the COC. These activities posted a modest combined increase of $200,000 to contribute $7.99 million towards the 15/16 season. Other income from such sources as production rentals, interest and rebates as well as space rentals associated with the Joey and Toby Tanenbaum Opera Centre totaled $1.27 million, remaining relatively unchanged year-over-year.

Off the mainstage, the COC continued its efforts to bring the transformative impact of opera to various communities. Over 48,000 people of all ages engaged with the COC through free concerts, learning opportunities, artistic mentorship and cultural enrichment, as well as a variety of interactive events. In total, 35,881 adults, youths and families engaged with opera in the 15/16 season through the COC's 17 education and outreach programs. The annual attendance for the Free Concert Series in the Richard Bradshaw Amphitheatre last year is estimated at 12,440 for 73 concerts. The Free Concert Series' programming spans classical, jazz, world music and dance. In 15/16, the series hosted three world premieres and seven Canadian premieres as well as showcased 563 artists, of whom 97% were Canadian.

The COC's 2016/2017 season began on October 6, 2016, with a new production of Bellini'sNorma and the company premiere of Handel's Ariodante, also presented in a new production. The season continues in the winter with the return of COC productions of Wagner's Götterdämmerung and Mozart's The Magic Flute. The season concludes in the spring with the highly anticipated new production of Harry Somers' Louis Riel and a revival of Puccini's Tosca. This marks the third year in a row that the opera company has been able to present an all-COC line-up of productions.

About the Canadian Opera Company
Based in Toronto, the Canadian Opera Company is the largest producer of opera in Canada and one of the largest in North America. The COC enjoys a loyal audience support-base and one of the highest attendance and subscription rates in North America. Under its leadership team of General Director Alexander Neef and Music Director Johannes Debus, the COC is increasingly capturing the opera world's attention. The COC maintains its international reputation for artistic excellence and creative innovation by creating new productions within its diverse repertoire, collaborating with leading opera companies and festivals, and attracting the world's foremost Canadian and International Artists. The COC performs in its own opera house, the Four Seasons Centre for the Performing Arts, hailed internationally as one of the finest in the world. Designed by Diamond Schmitt Architects, the Four Seasons Centre opened in 2006. For more information on the COC, visit coc.ca.