Local and Industry News
Corporations are starting to trim the excessive CEO salaries.
Goldman Sachs cut its CEO pay by 30 percent, Apple cut its CEO pay by 40 percent, Morgan Stanley cut its CEO pay by ten percent, and Google is also making a significant CEO pay cut. CEOs at the largest companies earned an average of $14.2 million in 2021, up nearly 19 percent from the previous year, all while worker wages were stagnant and workers were being laid off.
Governor DeSantis is going after the Orlando Philharmonic Plaza Foundation for hosting "A Drag Queen Christmas" in December. The state is looking into revoking the foundation's liquor license.
The Chicago Department of Cultural Affairs has announced $11 million in new funding for the Chicago Arts Recovery Program. $4.5 million will go toward recovery from the pandemic and $6.5 million will go toward the CityArts program.
The King's Singers had their Pensacola Christian College performance cancelled two hours before showtime because of concerns about the lifestyles of the members of the group. The group has previously performed at the college.
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Amazon spent $16.6 billion on streaming content in 2022, up from $13 billion the previous year. That is still less than the $33 billion spent by Disney and $18 billion spent by Netflix and HBO.
AMC Theatres are introducing variable pricing based on seat locations. Showings after 4 p.m. will have Value, Standard, and Preferred seating. The Value seats will cost less than the average current price and Preferred seating will have a premium price.
Netflix now has more subscribers outside of North America than inside. Of the 230 million current subscribers, 74 million reside in North America while 76 million reside in the Europe/Middle East/Africa region. However, because subscriptions cost more, more revenue comes from the North American market.
Disney hopes to cut $3 billion out of its content budget in the next few years in order to be profitable by 2024. Savings will come from careful curation of content and reducing costs of licensed content.
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The Atlanta Symphony has welcomed its first two Orchestral Fellowship members. The program provides musicians of underrepresented backgrounds a chance to perform with the orchestra, receive training, and participate in outreach programs. They receive a stipend and assistance in attending auditions.
Members of the Charlotte Symphony have ratified a new two-year agreement. Wages will rise 2.5 percent in each year and they will also start receiving an electronic media guarantee in the second year. Seniority pay will increase and three part-time positions will be converted to full-time.
Grand Rapids Symphony musicians have ratified a new one-year agreement. Wages will rise three percent and musicians and the orchestra will work toward creating a Diversity Fellowship.
Three major orchestras in California are working together to create a two-week music festival, California Festival: A Celebration of New Music. San Diego Symphony, the LA Phil, and the San Francisco Symphony will use the festival to promote music that has been written in the past five years. Dozens of other organizations, including the La Jolla Music Society and Mainly Mozart will also participate.
The Houston Grand Opera has received $22 million from Sarah and Ernst Butler, the largest gift in the company's history. The Butlers hope the gist will allow the opera to expand its mission and its reach throughout the region.
The New York Philharmonic has appointed Gustavo Dudamel as music director. Dudamel, currently music director of the LA Phil, will take up his position in New York in 2026. Dudamel was lured to LA in 2009 by then-executive director Deborah Borda, who is now CEO and president of the New York Phil. His initial contract will run five years.
The ticketing systems of the Philadelphia Orchestra and the Kimmel Center suffered a crippling cyber attack. This is just two months after a similar incident at the Metropolitan Opera.
