On Target
Economic Impact of Paramount Arts Activity
Paramount Theatre

Owner

AT
Adam Twiss (Paramount Theatre)

Metric Definition

Total revenue of Paramount Theatre programming in comparison to its cost of operations. 

 

Target Definition

The "Target" is greater than a 2 to 1 match, or 200%; “Close to Target” is 1.5 to 1, or 150%; “Needs Improvement” is anything less. 

Organizational Effect

As a municipal performing arts venue, the value of Paramount Theatre programming includes cultural enrichment, quality of life, promotion of racial and cultural harmony, as well as the moral, mental, and emotional growth of participants. This metric expresses the Paramount's total economic impact relative to cost of operation. Understanding the larger financial impact allows citizens, elected officials, and stakeholders to establish appropriate budgets for projected expenses and revenue.

Target Data

The Paramount Theatre Director inputs budgetary data into a Nobel Prize-winning formula developed by Americans for the Arts, and track this metric annually. Data includes: Paramount earned revenue (admissions, rentals, sponsorships, concession and merchandise sales), sales tax revenue (Paramount and related businesses), and other revenue (grants and in-kind contributions from public and private sources); operating expenditures (payroll/benefits, purchases of goods and services, artist payments, programming costs, facility and utilities expenses, overhead/administration). 

Significance

The results demonstrate that full economic impact of the Paramount’s Performing Arts Series, film showings, and extensive community activity, trends well above the total cost of operations, and is significantly greater than dollar-for-dollar cost recovery alone. Tracking this metric provides insight into the mid-term and long-term efficacy of the public investment in arts and culture.

Environment: Economic Impact of Paramount Arts Activity

Total Revenue and Operating Expenses: Actual and Target

Combination chart with 6 data series.
Environment: Economic Impact of Paramount Arts Activity (Chart Type: Stacked Column with Target Line) Plot Bands 2021 Actual Operating Expense: $ 510,000.00 Target Operating Expenses: $ 404,000.00 Paramount Rev.: $ 164,708.00 Local Rev.: $ 573,292.00 Tax Rev.: $ 70,000.00 Total Rev.: $ 808,000.00 2022 Actual Operating Expense: $ 707,000.00 Target Operating Expenses: $ 726,500.00 Paramount Rev.: $ 446,305.00 Local Rev.: $ 875,695.00 Tax Rev.: $ 131,000.00 Total Rev.: $ 1,453,000.00 2023 Actual Operating Expense: $ 873,000.00 Target Operating Expenses: $ 884,000.00 Paramount Rev.: $ 524,326.00 Local Rev.: $ 1,084,674.00 Tax Rev.: $ 159,000.00 Total Rev.: $ 1,768,000.00
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Range: 0 to 2000000.
End of interactive chart.