As many of you in the arts sector know, the true cost of producing live theatre is not reflected in the average ticket price. We rely on sponsorships, on fundraising and a lot of partnerships, but the box office of course is a big part of it. We have a model of sustainability where we split pre-production costs between multiple theatres as we move productions from one area to the other. Unfortunately, in March 2020, that all came to an end overnight. Not only did we have to shutter the venues, but all revenue stopped and not just ticket sales, but sponsorships and fundraising, etc. It's been quite a hardship.
The problem at the moment is uncertainty, and I'm sure everybody feels that. I'm on draft 200 of my potential 2022 season. It doesn't change by the week; it changes by the hour, depending on the conditions on the ground, and it makes it very difficult. I think my colleague John Lewis alluded to the fact that we can't just open overnight. The creative process takes weeks, months, and sometimes years. We're not a typical sector where the product can go on the shelf and when we open up again, we can sell it. That's just not how the creative sector works.
Those are the challenges we face at the moment, Mr. Nater.