Metropolitan Opera New York
The Metropolitan Opera has revealed that its operating revenue dropped by $25 million to $120 million in the fiscal year ending July 31, 2020, AP reports. This is due to the company’s reduced season caused by the Corona virus.
The company avoided an operating loss through fundraising and borrowing. The Met had a $130 million loss from operations – down from a $154 million loss during the fiscal year that ended July 31, 2019.
« 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, » Met general manager Peter Gelb said. « The good news is that we’ve managed to maintain the best relationship with our donors and our audiences through our nightly streams to our pay-per-view concerts for a period of almost a year now without performances. »
