Mid-sized UK venues are doing more than ever; but not always earning more.
New data from TRG's Arts & Culture Benchmark reveals a mixed picture for the UK’s medium-sized venues.
Medium presenting venues increased the number of performances by 13% between 2018 and 2024; and nearly half grew output by more than 20%. That’s a remarkable feat given the economic and operational strain of the past few years.
Medium producing theatres, meanwhile, have worked hard to return to pre-pandemic programming levels. They’re staging nearly as many performances as they did in 2019; but doing so with smaller audiences and tighter margins.
It’s a sign of resilience and ambition, but also a challenge. Across both cohorts, ticket revenue remains 9–20% below pre-COVID levels, even as programming has ramped back up.
More performances should mean more opportunity for ticket sales. But if pricing isn’t aligned, or demand isn’t strong enough, the result is an increase in output without a matching rise in income.
That’s more output, more staff hours, more programming decisions - all generating less return. And it’s not sustainable.
In other words: the machine is running harder, but not more efficiently.
The Hidden Costs of Overproduction
This imbalance isn’t just a financial issue. It leads to:
- Staff burnout from unsustainable programming schedules
- Reduced marketing spend, diminishing campaign effectiveness
- Misleading performance metrics that prioritise quantity over quality
In short: when volume becomes the goal, we risk mistaking busyness for success. If we focus only on quantity, we risk missing the true indicators of organisational health.
What the Data Tells Us
TRG’s UK benchmark data shows this isn’t just anecdotal. The patterns are clear:
- Performances are up, but yield per seat remains down
- Audiences haven’t returned at the same frequency or loyalty as before
- Organisations are working harder to stand still
This signals a need for a strategic reset - not just of programming, but of how we think about demand.
Time to Recalibrate?
TRG’s counsel is rooted in four pillars: Recency, Demand, People, and Discipline. When applied together, they help organisations shift from reactive programming to sustainable, revenue-positive planning.
Here’s how:
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Recency: Target audiences based on behaviour, prioritise recent engagement and act fast to build repeat behaviour. Are you reactivating recent attenders with tailored messaging and offers?
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Demand: Price, programme, and manage inventory like it matters; because it does. Which events, segments, or price points are truly driving value? Use data, not gut feel.
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People: Build financial plans around real audience behaviour, not expense-driven hope. Do your teams have the tools, clarity, and confidence to deliver on what the numbers actually require?
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Discipline: Do what you say you’ll do, consistently. Even under pressure. Are your decisions (from pricing to campaign timing) anchored in real-time data, not habit?
From 'More' to 'Smarter'
Programming more isn’t inherently wrong. But doing so without alignment to demand, yield, and internal capacity is risky - especially now, with financial and operational constraints intensifying.
At TRG, we work with organisations to find the sweet spot where volume, pricing, and demand are in alignment. That means:
- Understanding performance-level profitability
- Aligning price and product to audience demand
- Supporting teams to deliver with confidence and clarity
If you’re working harder than ever and wondering why the return isn’t matching the effort, it may be time to change the model - not the mission.
Let’s Talk About What You’re Seeing
You’re not alone in this. And you don’t have to solve it alone.
If your team is programming more but earning less, you’re not alone - and it’s not a failure. It’s a signal.
Let’s work together to decode what your data is telling you, align your programming with demand, and build a model that supports both your mission and your margin.
Start the conversation with a TRG strategist today.
Or explore the full UK Benchmark Report for deeper insights.:
