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New York City Opera in Tough Straits after a Try at Crowdfunding

With a reputation for feistiness and innovation, the 70-year-old New York City Opera said this week that it needs to explore its options in light of the fact that it has failed to meet its stated goal to raise $7 million by Monday. Part of that was to have been raised on Kickstarter , but that part of the campaign, which had a goal of $1 million, has only raised $175,602 as of Friday morning at 9 a.m. The overall shortfall may cause the company to suspend the rest of this season, at the very least. See the related Video On Crowdfunding.Tv http://crowdfundbeat.com/video/?p=3861 The $7 million goal the company declared in early September was only one part of what it would need to survive. For there to be a 2014–2015 season, the company would need to raise a total of $20 million, more than it has ever raised in one year. “We’ll discuss it with the board and look at the options that we have. It’s pretty obvious what they are,” said board chairman Charles Wall. “One would be to see if we can continue beyond September for a while to see if we are able to raise some additional money. A second one […]

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