Sydney Mardi Gras set to post $177k loss for 2014 season
Sydney Mardi Gras is set to post a loss of more than $170,000 for the 2014 season.
The organisation is due to release its results for the financial year in July but has warned members it expects to post a loss in the order of $177,000.
Poor ticket sales to its flagship event, the Mardi Gras Party, and high fees are being blamed, with revenue below budget by $526,000.
It cited increased competition as a major factor for lacklustre sales, with more local and international events in the market.
This was compounded by Sydney Mardi Gras not being able to secure programming choices and being outpriced by other promoters in getting headline talent.
It conceded that, in hindsight, ticket pricing at $136 to the Mardi Gras Party was too high.
But despite the loss, Sydney Mardi Gras said it continues to be financially viable with reserves of $530,000.
To ensure its success, the organisation said it will now look to implement changes to its business model such as reducing its reliance on the Mardi Gras Party, exploring new revenue streams like parade viewing and growing audiences from interstate and internationally.
The 2014 results were delivered at an extraordinary general meeting on Saturday, where motions regarding the organisation’s intellectual property were put to members.
Sydney Mardi Gras said while it would ordinarily not release financial results before audited accounts were completed, it provided them in the interest of transparency so members could vote on the IP motions with the most current information.
Among the motions carried at the meeting, members agreed: “That the protection of the intellectual property of Sydney Gay and Lesbian Mardi Gras is best achieved by ensuring the continuity and solvency of the organisation, rather than structural separation”.