The Indianapolis Symphony Orchestra still needs to raise $2.8 million…or the music could stop again.
Under the terms of a new contract agreement, the group must raise $5 million by February. According to our newsgathering partners at the Indianapolis Business Journal, ISO has secured $2.2 million in pledges. If the organization fails to raise the $5 million, the new five-year contract between the union and symphony will not take effect.
The symphony locked out musicians in September after their contract expired, igniting a bitter tug-of-war that forced the ISO to cancel concerts. The two sides finally agreed on a new contract to cut costs after canceling five weeks of concerts during the lockout.
The ISO said musicians made significant concessions on the new agreement. As part of the new contract, musicians agreed to cut their pay by more than 30 percent for the current season. If the new contract takes effect, they will make about 10 percent less than last season. The symphony also trimmed administrative staff in an effort to cut costs.