The New York Times: Over the past five years, the Metropolitan Opera has drained money from its endowment, entered a still-tentative $200 million deal with Saudi Arabia and cut back its performance schedule as it struggled to bring stability to an institution hammered by the coronavirus pandemic.
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So it really seems like all hell has broken loose at the Met? I wasn’t aware that the company was in such dire financial straits. The extent to which COVID has impacted their operations has really been astounding, as nearly six years after the shutdown, the effect is still being felt. In general, it seems like attendance to theatrical productions has slumped since COVID, and operational costs have only risen. Broadway has also seen a lot of financial failure, with only a few shows having made profit since the closure. The question the industry now faces is how to boost attendance to pre-pandemic levels whilst driving down costs. The Met really does seem to be fighting for its life right now, and if it were to close that would be a great loss. Hopefully they are able to figure out how to drive up attendance and revenue effectively once again.
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