The Tate is not the only arts institution with financial difficulties. The Royal Academy of Arts is facing a struggle, caught in a perfect storm of financial woes as visitor numbers linger far below pre-pandemic levels, dropping to 622,000 in 2024 from 1.25 million, while costs soar and income dwindles, leaving it facing a £7 million deficit. With no government lifeline, in contrast to the Tate, the RA’s reliance on ticket sales and memberships has left it vulnerable, forcing painful proposals like the prospect of cutting up to 60 jobs.
