Met Opera Announces Drop in Revenue But Avoids Operating Loss Thanks to Fundraising and Borrowing

The Metropolitan Opera has revealed that its operating revenue dropped by $25 million to $120 million in the fiscal year ending July 31, AP reports. This is due to the company's shortened season caused by COVID-19.

The company avoided an operating loss through fundraising and borrowing. The Met had a $130 million loss from operations - down from a $154 million loss during the fiscal year that ended July 31, 2019.

"Our cash position was about $10 million worse than it had been when we started the fiscal year. We went from a $46 million line of credit to a $57 million line of credit, so that's a concern to us," Met general manager Peter Gelb said Thursday. "The good news is that we've managed to maintain the best relationship with our donors and our audiences through our nightly streams to our pay-per-view concerts for a period of almost a year now without performances."

The Met halted its season on March 12, like many other performing arts organizations. The company was forced to cancel the final 58 of 217 scheduled performances, as well as its entire 2020-21 season of 218 performances.

The Met is hoping to get federal aid, which would be used to help fund bridge payments to union employees until performances resume. Gelb said he does not intend cuts to future repertoire.

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