Since opening BEAM at full capacity in March last year, everyone involved has focused on making it a success – both as a place people want to visit and one that can support itself financially.
Our year-end figures show a loss of £970k, which is significantly worse than the original £200k surplus forecast when the business plan was revised in 2024. The reasons for this are set out in detail in a report to the council’s Audit and Governance Committee.
This is clearly disappointing news and not what we had hoped for after BEAM’s first full year. It reflects a combination of factors, including increased competition from streaming services, rising costs across the theatre, cinema and hospitality sectors, and the challenges of launching a new venue. It is also clear that we underestimated how long it would take to build audiences and attract the larger productions that come with an established venue.
Over the past year, we have made a number of changes to improve BEAM’s finances. These include changes to our programme, a new website, and improvements to ticketing that boost pre-event food and drink sales. Through this, we now have a much better understanding of what audiences want, what works well and where we need to do things differently.
There are encouraging signs that BEAM is continuing to grow. Advance ticket sales currently stand at £470k, significantly higher than at the same point last year, while pantomime sales are particularly strong, with some performances already sold out. As the venue has become more established, we are also attracting larger productions, such as Blood Brothers and Punch, helping us reach new audiences. Benchmarking data also shows our sales performance is tracking slightly ahead of comparable venues nationally.
While it will take time for these improvements to show through in the finances, we are seeing growing confidence in the venue from audiences, producers and promoters.
BEAM has already become an important cultural and community venue for the district. Over the past year, it has sold more than 85,000 tickets to East Herts residents, provided cultural experiences for more than 12,000 local children, and contributed more than £2 million to the local economy.
Cllr Sarah Hopewell, Executive Member for Wellbeing at East Herts Council, said:
"I know this news is disappointing and not what we had hoped for after BEAM’s first full year. However, it does not reflect the hard work and commitment of the many people who make BEAM such a special and welcoming place.
“Over the past year, the team has worked hard not only to establish BEAM as a destination for culture and entertainment, but also to learn what works for our audiences and how the venue can operate most effectively. That learning has already led to improvements in how we programme events, manage the business and monitor financial performance. Some of this can already be seen through the £470,000 in advanced ticket sales for the year ahead, along with growth in both new and returning audiences.
“We are currently developing a revised business plan, based on the experience of the first full year, which sets out a pathway towards breaking even by the 2028/29 financial year. With the plan based on a full year's data, we are confident that it is realistic and achievable, whilst still enabling BEAM to offer excellent outreach and community activities.
“I'd also like to take this opportunity to thank all the staff and volunteers at BEAM for going above and beyond, and for all the residents and community groups who have supported the venue."
Further information can be found in our Frequently Asked Questions.