Rock Hall Posts Loss Last Year
Oct. 14, 1998
CLEVELAND (AP) _ Declining attendance and revenue were the main reasons the Rock and Roll Hall of Fame and Museum lost $1.37 million last year, according to its first annual report.
The report shows revenues totaling $16.8 million in 1997, down 17 percent from the $20.3 million generated in 1996. Total expenses for the year were $18.2 million, compared with $16.4 million for 1996, said Don Tomoff, finance director for the hall.
``1996 was simply a huge year because the museum had just opened in 1995 and everyone wanted to see it,'' said Tomoff. ``So some dropoff is expected.''
The report said attendance at the private, not-for-profit museum fell from 867,000 in 1996 to 615,000 last year.
Janis Purdy, the hall's interim executive director, said the report's findings weren't a cause for concern.
``You can think of the rock hall as a start-up new business,'' she said. ``To look at a loss in the overall complexity of the financial situation of a new enterprise can be misleading.''