Sydney Theatre Company has recorded the highest income in its 45-year history, closing out 2024 with a total of $47,084,179 in revenue, a milestone driven by a major uptick in touring activity, box office success, and increased audience reach.
Operational revenue climbed to $37.7 million, up from $27.6 million in 2023, with income derived from box office and touring revenue, licensing and royalty payments, venue hire fees, and F&B commissions. Additional revenue came from philanthropic donations, government subsidies, and investment returns.
In 2024, 512,155 people attended an STC production, nearly doubling the previous year’s 262,123. This included 239,951 tickets sold across the Sydney season and special presentations, as well as a remarkable 272,204 tickets sold for national and international touring productions — a dramatic increase from just 33,276 touring tickets sold in 2023.
STC Executive Director and co-CEO Anne Dunn said STC began 2024 with “a bang” with five different productions delivered in four cities across three countries simultaneously in February. “In total we reached 512,155 paid attendees with our productions in Sydney, on tour and licence,” she said. “This resulted in the highest revenue from box office, touring and royalties, in the Company’s 45-year history.”
She added, “The 2024 subscription season included four world premieres and four Australian premieres as well as recognised works, including encore seasons we were excited to bring back following previous sell-out runs. The success of the 2024 program reflects the dedication of the entire team, who deliver these outstanding theatrical experiences.”
An additional 51,476 people in Sydney enjoyed a performance from one of the many external arts companies and commercial producers who present work at the Roslyn Packer Theatre and Wharf Theatres, including the Sydney Festival, which has taken over both STC venues for the last three Januarys.
“As we continue to deliver the STC 2025 season and plan for 2026, our focus remains on Company financial sustainability to ensure we can continue to invest in new works and continue the tradition of artistic innovation and fresh and compelling narratives,” Dunn said. “Our unwavering dedication to creative excellence positions us well for the future.”
Much of the company’s success in 2024 came from critically acclaimed productions that travelled widely. Kip Williams’ “The Picture of Dorian Gray” had a commercial season on the West End, while Suzie Miller’s “RBG: Of Many, One” toured to multiple cities following its Sydney Opera House encore. “Julia,” “The Dictionary of Lost Words,” and “The Visitors” were also among the standout productions contributing to both audience growth and revenue.
Despite the record-breaking revenue and touring expansion, STC still reported a comprehensive deficit of $565,759 — an improvement from 2023’s $1.8 million shortfall. The company cited elevated production and operational costs, a “slight dip” in philanthropic donations (down from $4.5 million to $3.5 million net), and limited growth in government support as key contributing factors.
Core funding from Creative Australia and Create NSW made up just 6.7% of STC’s total income. The company received $2,578,067 from Creative Australia and $573,560 from Create NSW, with no one-off COVID subsidies available for the first time since 2020.
STC Chair Ann Johnson said 2024 was a standout year for the STC mainstage season and touring program. “The main season of theatre proved popular with critics and audiences in 2024, with several shows exceeding budgeted sales. Touring results were also strong and have given the Company confidence to consider expanding the touring program,” she said. “In the 2023 report, I referred to the difficult operating environment that STC and all performing arts companies were facing. In 2024 the Board worked with STC senior management on budget repair to improve the Company’s financial position and I am pleased to report that STC posted a significantly reduced deficit of $565,759 at the end of 2024.
“Maximising ticket sales, which make up the majority of the Company’s revenue, and leveraging other income streams continue to be a priority for the Board and senior management as they work towards a more sustainable financial base for the Company.”
The STC annual report can be found in full here.