The Met Opera's Deficit Reaches $22 Million

New York City's Metropolitan Opera reports to have ended its 2014 season with a $22 million deficit.

General Manager, Peter Gelb said in a statement, "The looming operating deficit for last season was a warning call. It's what compelled us to seek concessions in the union negotiations. Looking ahead, by adopting a leaner, streamlined business model in combination with a larger endowment, we will place the company on safer financial footing."

The Met reports that box-office revenues are up $2 million from last year, and that donations are expected to increase.

The Met ran a $2.8 million deficit last season on a budget of $327 million.

Fifteen unions representing about 2,500 workers reached labor agreements with the Met over the summer.

The Metropolitan Opera is the largest classical music organization in North America. It presents about 27 different operas each year in a season which lasts from late September through May. The operas are presented in a rotating repertory schedule with up to seven performances of four different works staged each week. Performances are given in the evening Monday through Saturday with a matinée on Saturday. Several operas are presented in new productions each season. Sometimes these are borrowed from or shared with other opera houses. The rest of the year's operas are given in revivals of productions from previous seasons. The 2012-2013 season comprised 209 performances of 28 operas.

The operas in the Met's repertoire consist of a wide range of works, from 18th century Baroque and 19th century Bel canto to the Minimalism of the late 20th century. These operas are presented in staged productions that range in style from those with elaborate traditional decors to others that feature modern conceptual designs.

The Met's performing company consists of a large symphony-sized orchestra, a chorus, children's choir, and many supporting and leading solo singers. The company also employs numerous free-lance dancers, actors, musicians and other performers throughout the season. The Met's roster of singers includes both international and American artists, some of whose careers have been developed through the Met's young artists programs. While many singers appear periodically as guests with the company, others, such asRenée Fleming and Plácido Domingo, have long maintained a close association with the Met, appearing many times each season.

The company's annual operating budget for the 2011-2012 season was $325 million, of which $182 million (43%) comes from private donations. The total potential audience across a season is 800,000 seats. The average audience rate for the 3800-seat theater in 2011 was 79.2%, down from a peak of 88% in 2009.[1]Beyond performing in the opera house in New York, the Met has gradually expanded its audience over the years through technology. It has broadcast regularly on radio since 1931 and on television since 1977. In 2006, the Met began live satellite radio and internet broadcasts as well as live high-definition videotransmissions presented in cinemas throughout the world. In 2011, the total HD audience reached 3 million through 1600 theaters worldwide.[