The Met’s endowment is now valued at $216 million, down from $340 million in 2022.
Gelb said that he did not intend to cancel any more productions, but that he could not rule out any options given the Met’s precarious financial situation. It will stage 17 operas next year, down from 25 several years ago.
Before the pandemic, the Met’s earned revenues — money from ticket sales and its live HD transmissions to cinemas across the country — had covered 50 percent of its annual budget. The other half, about $150 million, came from contributions.
When the Met reopened after the pandemic, the drop in ticket sales — at the opera house and, more dramatically, at movie theaters — meant that revenues accounted for only one-third of the operating budget, or about $50 million less. That increased the amount of money that needed to come from contributions and was one reason the deal with the Saudis was so critical.
The Met has a $62 million line of credit that is due in February 2027. And in March, Moody’s downgraded the opera’s credit rating, which is below investment grade, for the third time in the span of a year.
This latest round of financial disruptions comes at what has been, in some ways, a strong year for the Met. Two productions — “Tristan und Isolde” and “The Amazing Adventures of Kavalier & Clay” — sold so many tickets that extra performances were added. “Innocence,” which is currently onstage, received strong reviews from critics.
“The irony is we are experiencing some of our greatest artistic successes at a time when the economics are proving so difficult,” Gelb said.
“Opera when it works, when it is firing on all cylinders, is one of the most extraordinary experiences,” he said. “On the other hand it is the most expensive.”
