The Toronto Symphony Orchestra announced the biggest philanthropic pledge in its history on the weekend. But the nature of the Barrett Family Foundation’s donation might prove just as notable: the $15-million over 15 years will be used for “community engagement and education programs.” Today, in concert with reporter Josh O’Kane, we look at how some of Canada’s cultural institutions are planning to stay relevant by reaching further out. But first:
In the news
A little off the top? Quebecor Inc. is pushing lenders for a haircut as it seeks to acquire Corus Entertainment.
Relaxed mortgage rules are giving first-time homebuyers stress. They’re worried Ottawa’s new moves will drive prices up.
Mining in Mali: Four senior employees of Toronto-based Barrick Gold Corp. have reportedly been arrested as authorities continue to cut off long-standing ties with Western allies.
Happening today
- The contract for a union representing dockworkers along the U.S. East Coast expires, setting the stage for a strike that would have a significant impact on supply chains.
- Britain reports gross domestic product for the second quarter. A recent OECD report said it is among the countries with a “robust” outlook. I say!
- Germany reports its consumer price index for the month of September. That same report found the country’s soaring food prices are creating “soft” outcomes. Unhöflich!
Barrett Principal Education Conductor and Community Ambassador Daniel Bartholomew-Poyser conducting the TSO at the 2023 Free Community Concert.Allan Cabral/Toronto Symphony Orchestra
In focus
The finances driving a key change in the arts
Reporter Josh O’Kane covers the institutions, economics and policy that shape arts and culture in Canada for The Globe and Mail. I asked him to help me understand what the Barrett Family Foundation donation means for the TSO and cultural institutions across the country:
The pledge: The Barretts and their foundation have been giving to the orchestra for years, but the TSO says this gift will help it deepen its relationship with people across the Greater Toronto Area – with students who might want to dive into the orchestra world themselves, or with people from diasporic communities who want to see their music reflected in its programming.
Why it matters: Canadian arts organizations generally depend on four major revenue streams. There are box-office and subscription sales, government grants (such as from the Canada Council for the Arts), corporate sponsorships and individual philanthropy. Legacy institutions such as the TSO have a long history with philanthropists and their foundations.
The sector is facing struggles on all of these fronts, but in the context of this pledge to the TSO, it’s worth noting that the nature of philanthropy is changing.
The analytics agency TRG Arts recently found that gifts to the Canadian arts sector had fallen 45 per cent between 2019 and 2023. A gift of this size and nature is beneficial for more than just the cash flow tied to TSO’s programming – it also helps expose some of the most talented musicians in Canada to new generations and communities. And with Canada facing significant demographic changes, this could, in turn, transform new fans into future patrons.
Reaching out to stay relevant: Mark Williams, the TSO’s chief executive officer, spoke with The Globe last week backstage at Roy Thomson Hall ahead of the launch of the orchestra’s new season. “We want to make classical music at the very highest level – that’s the backbone of what we do – but we need to be constantly seeking ways to be relevant to our communities,” he said.
The key word here is “relevant.” Alex Sarian, who runs the Arts Commons cultural complex in Calgary after he spent six years at New York’s Lincoln Center for the Performing Arts, has a book coming out tomorrow called The Audacity of Relevance. It’s about navigating the rough economic climate facing today’s cultural institutions. One of its key themes is that legacy organizations need to drop the mindset of being cultural arbiters. Rather than complain about dwindling audiences and revenue as the COVID-19 pandemic has faded, Sarian argues, arts leaders need to meet their local communities where they are.
That’s what the TSO is trying to do. And what Sarian is doing at Arts Commons – which won’t be named Arts Commons for much longer. Earlier this year, Sarian successfully wrangled a $75-million commitment from Alberta businessman Dave Werklund and his family for the “reimagination” and expansion of the complex, which will soon be renamed the Werklund Centre. They’re characterizing it as the biggest gift to the performing arts in Canada’s history, and like the TSO’s new gift, it’s intended to deepen the organization’s ties to the local community.
Voices
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Coyne: Is Mark Carney’s new job to provide cover for the mother of all U-turns?
Carrick: Got some extra savings? Read this before spending or investing it.
Charted
Canadian dividend stocks awaken at last
It’s been a rough few years for dividend-paying stocks and the investors who follow them with near-cultish devotion, Tim Shufelt writes. Rampant inflation and spiking interest rates spoiled what was one of the most reliable trades in Canadian stocks. But dividend diehards have reason to believe again.
Morning markets
Investors turned cautious as global markets action diverged, with Japan’s Nikkei tumbling over interest rate policy concerns and Chinese stocks soaring on even more stimulus measures. Wall Street futures were in negative territory ahead of a data-packed week, and TSX futures pointed modestly higher.
Overseas, the pan-European STOXX 600 was down 0.83 per cent in morning trading. Britain’s FTSE 100 declined 0.53 per cent, Germany’s DAX gave back 0.52 per cent and France’s CAC 40 dropped 1.62 per cent.
In Asia, the Nikkei closed 4.8 per cent lower, while Hong Kong’s Hang Seng rose 2.43 per cent.
The Canadian dollar traded at 73.95 U.S. cents.