Staff report

ASHLAND, Ky. — The Paramount Arts Center is a staple for arts education and entertainment in the greater Ashland area. Three years after the pandemic, the nonprofit theater is still struggling to find a sustainable model of operation.
The impact of the COVID-19 pandemic coupled with rising costs and an economic downturn threaten the viability of the independent performing arts center.
“We are facing a financial deficit that will be hard to overcome,” said Holly Canfield, executive director.
The pandemic drastically changed the way that performing arts centers and live entertainment venues operate. The cost of presenting events has increased exponentially, reducing an already narrow profit margin. Ticket sales are the Paramount’s largest revenue source. With nearly 90% of all ticket revenue now going to artists, the historic theater has encountered growing financial difficulties and is at risk of closure.
“Our current financial position is at no fault of our dedicated volunteer board of directors or executive management,” said PAC president William Boykin.
Navigating the post-pandemic arts and culture landscape is not for the faint of heart. Amid the financial challenges, Paramount executives have employed several cost-cutting measures including staff layoffs.
Heavy fixed costs for the operation and maintenance of the historic building are unavoidable, however.
The Paramount has reached out to the City of Ashland and Boyd County Fiscal Court for help as well as explored options to sell the real estate but are yet to come to a resolution.
The PAC is an independent theater and receives no consistent financial assistance from the city or county. Most remaining historic theaters receive ongoing financial support from their local governments.
“Selling the Paramount to the City of Ashland is not a decision that we are considering lightly,” said Boykin. “We have a responsibility to the Paramount and community to ensure that it continues to operate as the performing arts center that we know and love. At this time, we are not confident that will happen.”
If the theater closes its doors, it will leave behind a large cultural and economic void that cannot quickly be filled.
Each year, an estimated 250,000 individuals attend arts programming at the Paramount from all fifty states and three countries. In addition, the historic venue produces a regional economic impact of nearly $12 million per year. During Fiscal Year 22/23, the community witnessed record $147.29 million in tourism spending that can largely be attributed to Paramount events.
Paramount programs drive local tourism and increase economic development even when they don’t financially benefit the theater itself.
The Paramount has survived for 93 years because of the resilience and generosity of our community.
“It’s hard to expose the reality of our financial challenges and ask our community for help once again, but I fear that it’s the only solution we have for the theater to continue its mission as a community arts center,” said Canfield.
Every tax-deductible contribution, no matter the size, will play a critical role in continuing theater operations.
The Paramount is accepting online donations on its website www.paramountartscenter.com or via PayPal at Holly@ParamountArtsCenter.com. Checks can also be made out to Paramount Arts Center and mailed or dropped off at the theater’s box office at 1300 Winchester Ave., Ashland, KY. 41101.