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In two to three years, he said, if nothing was done the Met could face bankruptcy. Meanwhile, attendance had fallen from ninety-two per cent of capacity, in 2007-08, to seventy-nine per cent, in the 2012-13 season.Īs Gelb faced the orchestra committee, he pulled up a PowerPoint presentation and enumerated the dismal statistics.
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In 2012, the Met had tapped the bond market to borrow a hundred million dollars. In fiscal 2013, the Met drew twenty-one million dollars from the endowment, an alarming spending rate of 8.3 per cent. Though revenue had grown by nearly fifty per cent, to three hundred and twenty-four million dollars, the company had run an operating deficit of $2.8 million.ĭespite a multiyear bull market in stocks, the Met’s endowment had withered to two hundred and fifty-three million dollars, from a peak of three hundred and forty-five million in October, 2007, owing in part to annual withdrawals to fund operations. Because the box-office accounted for less than a third of revenue, the Met depended heavily on charitable contributions. In the most recent fiscal year, 2013, they were three hundred and twenty-seven million dollars-forty-seven per cent higher than when Gelb took over. To attract new audiences, he’d brought a roster of acclaimed directors to the Met stage and introduced fifty-four new productions, averaging seven per year-a Met record. Seven and a half years into his tenure at the world’s largest and most complex arts organization, Gelb could point to an impressive record of achievement: High-definition theatrical broadcasts of Met productions in cities around the world had brought grand opera to an audience of millions and opened a new revenue stream-$32.1 million in the most recent fiscal year. On February 26, 2014, Peter Gelb, the general manager of the Metropolitan Opera, entered the Met’s boardroom to address a group that included a nine-member committee of the Met orchestra, whose contracts were due to expire on July 31st. “We’re doing everything we can, but it’s tough.” Photograph by Richard Burbridge “Every night, we have to fill thirty-eight hundred seats,” Gelb says.
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