Met Opera Reports a Surplus of $1 Million From $22 Million Deficit

After its preliminary closing of the books for Fiscal Year 2015 (the 2014-15 season), the Metropolitan Opera reports that it has balanced its budget and ended the season with a surplus of $1 million. The results are a significant turnaround from the company's previous fiscal year, which ended with a budget shortfall of $22 million. The Met's financial success was achieved through budget cuts-including the implementation of historic new union agreements and a program of cross-departmental spending reductions-as well as increased contributions from donors. Final audited financial results for the season will be available in January.

"Fortunately, we were able to reduce costs without sacrificing artistic quality," said Met General Manager Peter Gelb. "And our donors have responded positively to the company-wide expense initiative by increasing their support."

The Met's savings were achieved by reduction of expenditures in every department of the organization, which employs approximately 1,600 full-time and seasonal workers and presents more than 200 opera performances each year-more than double the amount given by any other American company.

In total, the Met cut more than $18 million from its Fiscal Year 2015 budget, part of which was achieved through the Met's new union agreements. Fundraising increased by $15 million, year to year. Total operating expenses for FY2015 were $310 million and total earned revenues and donations were $311 million. Earned revenues were $161 million, over the previous year's $159 million.

All told, the Met will have reduced its expenses by $84 million over the four-year period beginning with the recently completed fiscal year. These plans, combined with an ongoing fundraising campaign designed to grow the Met's endowment, will help secure the company's financial future in a difficult climate for the performing arts. The Met is on track to achieve a balanced budget in its current fiscal year, FY2016, as well.

Paid attendance for in-house Met performances in 2014-15 remained similar to recent seasons, with a $1 million increase in box office receipts over the previous season (excluding the funded Rush Tickets program) and an average paid attendance of 74 percent. However, the company's worldwide presence via the industry-leading Live in HD series of live movie theater simulcasts brought the Met a total paid attendance figure of 3.2 million people-one of the largest total audiences in the company's history. The Live in HD series set a new record for average per-performance attendance, with an average of 248,594 global viewers attending each live performance in the series. 2.6 million opera lovers in 70 countries attended Live in HD performances and 660,575 audience members attended performances at the Met.

Throughout 2014-15, the company saw encouraging results from its efforts to develop a new audience for the art form of opera. The number of first-time Met ticket buyers increased by more than 9 percent in 2014-15 over the previous season. The expanded Met Opera Students program sold 27,605 tickets to participating college students, an 18% increase from the previous season. The company continued to diversify its digital marketing and communications efforts, redesigning the company website for the first time in a decade to provide mobile ticket optimization and richer content about each opera. The Met leads the industry in social media presence, with more than 340,000 Facebook fans, 155,000 Twitter followers, and 24,200 Instagram followers.

Next season, the Met will expand its efforts to develop the next generation of operagoers, with a variety of initiatives designed to bring first-time patrons to the Met. The popular Rush Tickets program, which provides $25 tickets in prime locations, will return, this time including the opening night performance of the season. That opening performance of Verdi's Otello will also be simulcast to more than 2,000 seated patrons in Times Square, the largest audience ever in the 10-year tradition of broadcasting Met opening nights to giant screens in the heart of New York City. "Fridays Under 40," a 10-performance series targeted toward young professionals, will launch in October, with varied performances and related special events taking place throughout the season. In November and December, the Met will offer two holiday presentations performed in English-The Barber of Seville and Die Fledermaus-with reduced ticket prices, as well as a special 50 percent discount to all operas for children under 18. Finally, the Live in HD series will enter its tenth season, with ten live transmissions to more than 2,000 movie theaters in 70 countries around the world.

This season, the Met will present 227 performances of 25 operas, including six new productions: Verdi's Otello (September 21), Berg's Lulu (November 5), Bizet's Le Pêcheurs de Perles (December 31), Puccini's Manon Lescaut (February 12), Donizetti's Roberto Devereux (March 24), and Strauss's Elektra (April 14). For more information, please visit www.metopera.org.

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