ABSTRACT
If funding were left to market forces, live performances would be limited in number and narrow in range. Many theatres which may appear to be commercially viable are sustained by such factors as philanthropic leaseholders and planning restrictions on redevelopment. Many performances are only possible because they are backed by 'angels who invest from a love of theatre and its associated aura of glamour, or are attracted by a gamble where the probability of total loss is set against the possibility of very high return. Moreover, apart from the star names, most performers and their support teams provide a hidden subsidy by working for financial rewards considerably less than they might expect in comparison with other professions.
