Sydney Theatre Company has seen a substantial $10 million increase in revenue following the tremendous success of its production of The Picture of Dorian Gray, which has garnered global acclaim. The play, directed by Kip Williams and starring Sarah Snook, has been a massive hit in the West End and is now raking in over $1.6 million weekly on Broadway, earning Snook a Tony award for best actress in a leading role.
The company’s CEO, Anne Dunn, remained tight-lipped about the specific impact of Dorian Gray on the company’s finances but hinted at its significant contribution to the bottom line. With more than 77,000 attendees flocking to see the Australian adaptation of Oscar Wilde’s classic in London, the production has undeniably been a major revenue driver for the Sydney Theatre Company.
In its 2024 annual report, the company revealed that while it had not completely erased its deficit, it had made significant progress in reducing it from $1.8 million in the previous year to $566,000. The total gross revenue from operations, including local box office sales and income from various sources, amounted to $37.7 million in 2024, a $10 million increase from the previous year.
Following sold-out runs in Australia, the Michael Cassel Group secured the rights to transfer Dorian Gray to London and New York, further boosting the play’s international success. The exact terms of the deal between the Sydney Theatre Company and the production house remain confidential, but Dunn mentioned that STC has received royalties and retained a small investment stake in the ongoing life of the production.
While the company faced fundraising challenges in 2024, with a decrease in contributions compared to the previous year, subscriptions and ticket sales saw a notable increase. Despite facing backlash over a political statement made by actors during a performance of Chekhov’s The Seagull in 2023, the company managed to attract more patrons in the following year.
Looking ahead, the Sydney Theatre Company is set to announce its 2026 season in September, building on the success of Dorian Gray and other standout productions. The company’s commitment to nurturing new shows and fostering creative development remains a core focus, with government funding playing a crucial role in supporting its endeavors.
Reflecting on the international triumph of Dorian Gray, Dunn emphasized that the company’s collaboration with commercial producers was a strategic decision, allowing it to focus on artistic innovation while sharing the risks and rewards of overseas ventures. Despite the challenges faced, the Sydney Theatre Company continues to thrive, leveraging its government support to deliver compelling and impactful performances to audiences worldwide.
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