Just got off a skype with my producer bff who is kicking ass in London where we pondered the question - why is it so hard for profitable art to get funding? Is it lack of market aggregation? Information flows? Legal barriers against instruments that would minimise volatility?
Unless the company has a continual pool of capital, they need to borrow/sell equity every season, or every large season. But the turnaround is very quick (6mos/1yr) and good producers will consistently produce sellout shows (and vice versa).