David Wenham’s twice-extended run as a time-cursed storyteller and a John Farnham musical tribute have helped lift the box office fortunes of one of Australia’s leading theatre companies amid warnings Australia’s live performance sector is operating in an increasingly precarious economic environment.
Sydney Theatre Company has revealed it has sold more than 180,000 tickets midway through 2026, already eclipsing Sydney season sales of 178,971 in 2025 that lagged its bumper 2024 season.
Star names, shows familiar in the world of books, film and television, and word-of-mouth reviews are driving ticket purchases at Walsh Bay, according to STC chief executive Anne Dunn, who says price sensitive and risk-averse theatregoers are delaying ticket purchases and increasingly want the reassurance of a hit before they buy.
“They might lean more towards a known title. There’s that, ‘If I’m going to spend the money I want to know what I’m spending on’. Once word of mouth hits, they’ll rush in.”
Despite continued efficiency savings and a smaller program, STC posted an $8.7 million operating deficit at the end of 2025, stable as per 2024, highlighting what the financial report said was “ongoing challenges” faced in the company’s core activities due to economic factors.
However, this amounted to an overall net surplus of $765,759, after accounting for ongoing and one-off government grants, and net fundraising income and finance income, according to the company’s 2025 annual report which detailed its financial position to December 31.
This was the first time the company had achieved such a surplus since 2022 and marked an important step in rebuilding financial resilience and strengthening its balance sheet, Dunn said.
By comparison, Melbourne Theatre Company recorded a $3.9 million net deficit for 2025, following a decline in ticket revenue and donations and a sharp rise in costs.
The results come in a week in which the national tour of Eddie Perfect’s Beetlejuice The Musical was abruptly cancelled in a further alarming sign that a cost of living crisis is impacting Australia’s theatre sector.
Dunne said the live performance sector was in an increasing precarious position. “It does feel wobblier,” Dunne said.
“There are challenges, there are headwinds and tailwinds. This company survives by selling tickets. We are a box office-driven company, but we also can’t take huge amounts of risk because we’re in a financially constrained environment with a fairly weakened balance sheet after the COVID years. You literally can’t put prices up to the same extent as costs go up.”
Members of the performance and entertainment sector were in Canberra this week to launch the new Parliamentary Friends of Live Performance group. They are also making their case for Live Performance Production incentives for commercial and not-for-profit producers to create original work and a broadening out of the fringe benefit tax legislation to include cultural organisations.
STC’s highest selling show last year was The Talented Mr Ripley, an STC commission written by 2025 Patrick White Fellow Joanna Murray-Smith, which toured to Arts Centre Melbourne following its premiere Sydney season. Its total audience in Sydney and from touring was 392,730, well down on the 512,155 who saw an STC show in 2024, due to a smaller program.
This season, tickets to Whispering Jack went on sale on February 2 with the season quickly selling out and was extended by a week. Fewer than 200 tickets are available, and STC is aiming to release holds.
An Iliad opened on April 17 to critical and audience acclaim and subsequently extended twice. The show closes this Sunday, having been sold out since May 28.
The 2025 financial results show STC’s revenue from continuing operations for 2025 – comprising box office and touring revenue, licensing and royalty payments, and venue hire fees – fell $8 million to $28,754,932, as a result of the smaller theatre program which coincided with upgrades to the Roslyn Packer Theatre.
STC has still to pay back $10 million to Create NSW, the arts finding agency, as its contribution for the Walsh Bay redevelopment. The financial reports show the theatre company invested $875,000 for the West End premiere of Dracula.
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