Boston Symphony Orchestra announces cost containment measures – News – Milford Daily News – Get your quote in a couple of minutes

In response to the public health crisis on COVID-19, the Boston Symphony Orchestra recently made a series of announcements about the cancellation of over 130 events between March 12 and mid-June, including the last seven weeks of its 2019-2020 BSO season and more recently, the cancellation of the Boston Pops 2020 season. The BSO estimates $ 6.2 million of lost revenue from these concert cancellations alone and over $ 4 million of lost revenue from venue rentals, concert cancellations and other earned revenue related to this same period of time. To mitigate the financial impact of this global health crisis, it has carried out these activities and helped secure the future of its 139-year legacy, the BSO is implementing a series of cost containment measures across the organization, developed by the foundation board and the BSO management team. Among the steps that are taken are the reduction in the salaries of the musician and the staff and the temporary layoffs of the staff. Additionally, the BSO Board of Trustees is implementing plans for an immediately increased fundraiser that will play a key role in addressing this financial challenge. Although extremely significant, these measures, described in more detail below, address only a part of the losses resulting from these cancellations of concerts and events. BSO Musicians In what is a historically significant and impactful decision in this unprecedented period of the COVID-19 health crisis, members of the Boston Symphony Orchestra have unanimously agreed to take a reduction in their salaries until the end of August, which on average represents an aggregate reduction in remuneration of around 25% over this period. The musicians also agreed to restructure their vacation time allocation over the next two years, which will result in significant savings for the organization. The BSO is grateful to its musicians for improving the existing agreement on media rights to allow the expanded use of archival material, along with new material, to be shared digitally during the interruption of the live performance. . April 20. In addition to maintaining health coverage, these staff members with career rights will be eligible to claim unemployment insurance and additional income under the Coronavirus Aid, Protection and Economic Security Act. Employees who are enrolled in health, dentistry, life, long-term disabilities (LTD), flexible spending accounts (FSA), health savings accounts (HAS), will retain these benefits during the period of their maturity periods. The decision-making process to determine which BSO employees would be entrusted was based on a careful assessment of the organization's current needs during the canceled performance period. The organization has also implemented a 5% -15% wage reduction policy for a significant part of the staff; depending on the salary level, some employees will not suffer any reduction in their compensation. Overall, 80% of BSO's full-time employees will be affected by wage losses and reductions. Across the organization, there were more than 400 part-time employees who had previously been laid off in connection with concert cancellations. Artistic and managerial leadership of SBS Mark Volpe, President and CEO of BSO, will take a 50% reduction in his base salary. BSO Music Director Andris Nelsons will not receive any compensation for all canceled performances. Boston Pops host Keith Lockhart will also suffer a substantial cut in his compensation. Quote from Mark Volpe, BSO President and CEO “It is deeply encouraging to see so many members of the BSO Family – musicians, staff, and artistic and board direction – expressing so much concern and desire to help with the programmatic and financial challenges we are facing. due to concert cancellations due to COVID-19. "I am forever grateful to all those present at the BSO who have expressed so much grace and understanding regarding the measures we must take, even if I do not underestimate the difficulties and challenges that these cuts will create for many of my colleagues. I want to assure we are all doing everything in our power to strategically assess the impact of the pandemic and develop the solutions needed to bring the orchestra on track after this crisis has passed. "Although these are very difficult times , we are determined to continue to cultivate what is at the heart of the orchestra's main mission: to present live concerts of great musical works and bring extraordinary joy and inspiration to our wonderful audience. "To all those affected by COVID-19, we extend our most sincere desire that this period of health crisis passes soon. We look towards a brighter future and to return to our beloved experiences of the power of music to unite again as a community BSO. "Quote from Susan Paine, President of the BSO Board of Trustees" All of us on the BSO Board of Trustees, together with our extraordinary musicians, managers and staff are facing this unprecedented challenge with great determination and strength. We are fully united in our aim to face this crisis frontally once in the generation and to bring the BSO back into balance as soon as possible. "With each passing day the collective strength of the BSO is demonstrated by the tough but necessary strategic choices we are making, including the reduction of costs and, at the same time, the sharing of new creative forms of programming with our audience through digital platforms: this common commitment to preserving our fundamental skills reflects our love for BSO. Together, we will go through this extraordinary crisis and move forward and continue to share the special gift of musical performance at the highest levels. "We are incredibly grateful to all our deeply devoted patrons, many of whom have donated the value of their unused tickets back to the BSO. It is this kind of exceptional generosity that inspires us and that will help make a difference when we emerge from this crisis It is our intention that through our actions now, we will be in a better position to create a vibrant future for our orchestra and its audience. We look forward to sharing once again the brilliant musical production of the our Boston Symphony Orchestra. ”BSO at Home and Boston Pops at HomeBSO at Home – a wide variety of audio and video offerings – has been made available to the Boston Symphony's music community on www.bso.org/ athome during the interruption of the event / event recently announced by the orchestra (click here to view the announcement of the cancellation of the March concert). The Boston Pops at Home online initiative will be modeled in part on BSO at Home and is slated to be published in early May (the announcement on the cancellation of the Boston Pops 2020 season is available here).