Stage Directions: A consulting group from the Yale School of Management has completed a study on the economic impact of The Shakespeare Theatre of New Jersey on the greater Madison area. The group worked pro bono and was commissioned by the Theatre in September, 2010. The results quantify the spending of the Theatre, as well as its audiences, artists, students and staff in conjunction with attending or working for the Theatre, and calculates the effect of that spending on the economy of the greater Madison area, defined as a 20 minute driving radius from Madison. This includes towns in Morris, Essex, Somerset and Union counties including Chatham, Morristown, Summit, Florham Park, Livingston, Maplewood, Short Hills and Irvington.
Thursday, October 06, 2011
Shakespeare Theatre of New Jersey Measures Economic Impact in Millions
Stage Directions: A consulting group from the Yale School of Management has completed a study on the economic impact of The Shakespeare Theatre of New Jersey on the greater Madison area. The group worked pro bono and was commissioned by the Theatre in September, 2010. The results quantify the spending of the Theatre, as well as its audiences, artists, students and staff in conjunction with attending or working for the Theatre, and calculates the effect of that spending on the economy of the greater Madison area, defined as a 20 minute driving radius from Madison. This includes towns in Morris, Essex, Somerset and Union counties including Chatham, Morristown, Summit, Florham Park, Livingston, Maplewood, Short Hills and Irvington.
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4 comments:
Every person in the world should read this article and this study and every theatre company everywhere should have this done. Not only does it quantify the impact of arts organizations on their home areas but it strengthens the idea of how symbiotic Art is to the rest of our lives in a way that even critics of live theatre should have a hard time arguing with.
Having worked at STNJ this past summer, it was stunning to see the massive impact that an intimate 350-seat theatre can have on the community. The theatre has a tough environment to cope with - it's about an hour outside of NYC, and with the notable exception of Papermill Playhouse, it's the only professional theatre venue in the area. They optimize those threats as opportunities, though - they source actors from the city easily and can often pull big names, who draw audiences from all over into Madison and the surrounding area. As the theatre goes into its 50th year next season, I'm interested to see how this study aids their search for funding and support from the community.
And to Jacob's point - these types of studies provide firm numbers as evidence of the value of the arts in society. The argument of serving communities with culture and ideas is not as strong anymore, and funding sources can be more easily appeased when a theatre can provide quantitative data as evidence. I'd agree that more companies should endeavor to have similar studies done.
It would be interesting to see a study that compares similar sized organizations and their impact. I want to see how arts organizations compare to organizations in other fields. The economic influence of Shakespeare Theatre of New Jersey also is inflated by the fact that they pay their interns so little but the interns spend money in the area. It would be interesting to look through the numbers and see the breakdown of what elements put forth the most economic impact in the area.
I think that this study could potentially be extrapolated to any venue, arts or not, that becomes a "destination." In addition to all of the resources the theatre itself uses, when a theatre or other venue starts attracting people outside of its immediate area, then other businesses, such as restaurants, stores, and hotels open up to cater to the needs the expanded audience. This in turn brings more people to the venue. This article is a really great resource for anyone looking for funding from local governments etc.
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