From Pentagram’s blog: “The identity coincides with the arrival of Alan Gilbert, the Philharmonic’s next music director, and acknowledges the orchestra’s long heritage of distinguished conductors by taking as its inspiration the graphic line of the baton.”
Founded in 1842, the New York Philharmonic is the oldest active symphony orchestra in the United States.
Previous NY Philharmonic logo.
Legibility suffers in the previous logo, especially at small sizes with the graphic overlapping the text. That makes the new design a more professional option.
More context and info on the Pentagram website.