Met Opera reports $130 million loss to July 2020

The Metropolitan Opera announced a $130 million loss from operations in the year ending July 31, 2020, of which three months were cancelled du to Covid-19.

However, this was down from a $154 million loss during the previous fiscal year.

During the last four and a half months of 2019-20, the Met withheld the wages of its orchestra and chorus musicians.

General manager Peter Gelb said: ‘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. The good news is that we’ve managed to maintain the best relationship with donors and audiences through our nightly streams … for a period of almost a year now without performances.’

Is he happiest in an empty house?