Investing in Theatre
Research published by SOLT & UK Theatre on Monday 1st July 2024 demonstrates the urgent need for sustainable and systematic investment in theatre buildings across the UK and highlights how investment in theatre and performing arts venues helps to strengthen communities, provides job opportunities and boosts the UK’s creative exports.
- 1 in 5 venues require at least £5m each in the next 10 years just to continue current operations.
- Without significant capital investment in the next five years, nearly 40% of venues risk closure and 40% will become too unsafe to use.
However, if theatres can access the investment they need:
- 54% could provide more jobs for their local communities and 62% would increase or improve their outreach work.
- 100% of venues would improve their environmental sustainability.
- 57% would increase the variety of programming.
- 100% of buildings built in the Victorian period would be able to increase accessibility for patrons.
Theatre is a vital part of the UK’s fast-growing creative industries. The UK’s performing arts sector
- Supports approximately 244,000 jobs, powered by a highly skilled and adaptable workforce.
- Generates £2.39bn in GVA.
- Generates a total turnover of £4.44 billion.
Theatre audiences contribute additional spending in local economies up and down the country when visiting a performance. For every £1 spent on a theatre ticket, an additional spend of £1.40 is generated in local economies, adding up to £1.94bn per annum of extra value added to local economies by theatre audiences.
Theatre Tax Relief
Since it was first introduced in September 2014, Theatre Tax Relief (TTR) has been pivotal in supporting theatrical productions across the UK.
We estimate that at least £163 million was invested into theatrical productions in 2021-22 as a result of £38 million of Theatre Tax Relief. This is a return of over 4 to 1 for the public purse.
SOLT & UK Theatre are campaigning to maintain TTR at the higher rate of 50/45% in perpetuity. SOLT & UK Theatre are also keen to work with HMRC to improve guidance and ensure the effective rollout of recent changes to TTR legislation.
For more information on our work on Theatre Tax Relief, visit our dedicated page.
