Nashville Opera officials have announced the Raise Your Glasses capital campaign succeeded in generating the necessary patron support to repay the loan on the Noah Liff Opera Center located in West Nashville.
As a result, the company has retired all long-term debt, a total figure for which the company did not disclose in a release.
Relatedly, fiscal year 2013 income exceeded expenses by more than $119,000.
The opera company, Tennessee’s largest, received a boost from strong sales, increased sponsorships and additional production underwriting, the opera said in the release.
Ticket sales for all FY13 productions exceeded projections and led to a 65 percent increase in earned revenue compared to the figure of the previous fiscal year. Of note, the company introduced an audience growth strategy that offered programming, branded as “Opera @,” in non-traditional venues, including the Dyer Observatory, Franklin Theatre, Fat Bottom Brewery, and the Boxwood Bistro. Public interest and participation in these events increased 15 percent year over year, according to NO officials.
The NO’s studio and executive office complex generated 191 percent more revenue from rental income than it did the previous fiscal year.
This past summer, Nashville Opera became the first opera company to be awarded a National Endowment for the Arts Our Town grant for its upcoming Music City Opera Project, which will be unveiled to the public in mid-2014.
“Nashville Opera is well-positioned for continued growth in both the short and long term,” Noah Spiegel (pictured), Nashville Opera’s chief operating officer, said in the release. “Last year’s results reflect our historic commitment to producing the highest quality operas, educating the next generation of opera patrons, and sound financial management.”