Met Opera $31M in black in 2019-20 as pandemic starts
The Metropolitan Opera showed a tax return revealing it is $31 million in the black during the fiscal year that ended last July 31, but the company said the figure included mostly pledges for future years.
The company’s tax return, released Thursday, showed revenue fell by $13 million for the season that included the initial months of the pandemic and salaries dropped by $41 million. The Met said it operated at a balance budget in 2019-20.
Music Director Yannick Nézet-Séguin earned $915,571, up from $392,152 in the fiscal year ending July 31, 2019, when he conducted two productions in his first season, succeeding James Levine as the Met’s music director.
Met general manager Peter Gelb earned $1.46 million in the latest fiscal year, down slightly from $1.49 million.
The Met, the largest performing arts institution in the U.S., has not been on stage since March 11, 2020, because of the pandemic, losing the final two months of 2019-20 and its entire 2020-21 season for a total of 276 missed performances.
The Met, saying it needs to cut expenses, has been involved in acrimonious labor negotiations with its three primary unions.
It reached a tentative agreement last month a four-year contract with the American Guild of Musical Artists, which represents the chorus and solo artists; resumed negotiations this month with Local One of the International Alliance of Theatrical Stage Employees, which represents stagehands and has been locked out since Dec. 8; and is negotiating with Local 802 of the American Federation of Musicians, which represents the orchestra and has a contract that expires July 31.
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Entertainment News Click Here