PALACE THEATRE REPORTS FOURTH CONSECUTIVE SEASON OF INCREASE IN REVENUE, BOOKINGS

October 6, 2015 (Albany, NY) – The Palace Theatre, a historic performing arts venue and not-for-profit corporation, today announced a surplus of more than $340,000 to mark the recently concluded 2014-’15 fiscal year, more than three times the surplus from the previous year. The 2014-’15 fiscal year also marked the fourth consecutive successful season for the celebrated arts organization which has seen its net revenue rise by nearly 1,800 percent over the corresponding period.

The glowing fiscal results represent a continuing trend under the executive management team which has guided the Palace Theatre onto solid fiscal ground after taking the helm four years ago and immediately reversing years of six-figure deficits for the organization.

The surge in net revenue for the 2014-’15 season also corresponded with a 19.7 percent increase in bookings at the Palace Theatre. The Palace hosted 158 events in comparison to 132 held during the previous fiscal year, the fourth consecutive year of expanded offerings at the downtown Albany landmark theatre. The bookings included a diverse schedule of concerts, comedy, dance and classical music performances by the Grammy Award-winning Albany Symphony, as well as an expanded film series and family programming presented by Park Playhouse.

“This is an exciting time for the Palace Theatre, which is a true piece of history and sits at the gateway to downtown Albany. We are confident that this trend of growth firmly establishes the sustainability of this treasured venue and positions us for strategic growth in the years to come,” said Palace Performing Arts Center Executive Director Holly Brown. “All of us at the Palace extend sincere gratitude to our guests, members, sponsors and community supporters without which this memorable and successful season would not have been possible.”

The growing surplus is a result of an increase in programming, corporate support, membership growth and more efficient business practices.

The Palace continues to expand strategic shared service agreements with Park Playhouse and the Albany Symphony. These collaborative arrangements are designed to reduce costs and allow each organization to provide additional services to patrons while expanding their programming impact on the Capital Region.

The surplus will be partially reinvested to develop year-round programming in arts education in conjunction with Park Playhouse. The Palace recently converted more than 700 square feet of space into functional dance and acting studios, featuring high ceilings and professional-grade, Harlequin sprung floorings. The space, which was previously used for storage, is located in the theatre’s stair tower annex on Clinton Avenue.

Beginning this fall, the studios will be used to host a variety of theatre and dance classes for Capital Region students, including performing arts workshops, theatrical dance and acting studies in partnership with Park Playhouse. The tuition-based, 10-week sessions cater to both beginner and advanced students ages 8-18. For registration information, visit www.parkplayhouse.com.

 

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