The District’s museum catered to news junkies has been getting some bad news of its own.
The Newseum has been hemorrhaging money, the Associated Press reported Monday, even though it has seen a surge of visitors since it moved five years ago to Pennsylvania Avenue, where visitors flock for a pristine view of the Capitol.
The museum, which features exhibits that house a piece of the Berlin Wall, the flagpole from the World Trade Center and Pulitzer Prize-winning photos, has failed to bring in in enough revenue to cover its costs over the past several years, forcing its to leaders to dip into the museum’s endowment by the millions.
The endowment has dropped by more than a third over the past several years. When it opened it was a more comfortable $600 million, the AP reported, but it was dwindled to $373 million by 2011.
Multiple professors take their journalism classes to the museum, allowing students to avoid the steep admissions prices on class trips. Otherwise, it is the most expensive ticket in the District – in a city where visitors can step into taxpayer-funded museums that don’t charge. Adult tickets are $22 and children pay $13 each.
Despite the high admissions fees, only about 10 percent of the $71.3 million the museum took to operate in 2011 came from ticket revenues.