Skip to content
Breaking News

Breaking News

  • Home
  • World
  • Business
  • Health
  • Entertainment
  • Life Style
  • Sports
  • Toggle search form

Met Opera Taps Its Endowment Again to Weather Downturn

Posted on January 25, 2024 By Admin No Comments on Met Opera Taps Its Endowment Again to Weather Downturn


But the Met faces acute challenges. Mounting live opera is expensive, requiring lavish sets, star singers and a much larger orchestra and chorus than the biggest Broadway shows can boast. Inflation has added to the opera company’s burden, with the costs of shipping and materials increasing sharply. And ticket revenues last season from in-person performances and movie-theater broadcasts were down by about $25 million from before the pandemic.

In addition to tapping its endowment, the Met said it would institute measures to cut costs and increase revenues that were suggested by Boston Consulting Group, which conducted a study of the company’s operations on a pro bono basis.

The Met has already begun giving fewer performances: 194 this season, down from 215 last season. It plans to change its scheduling over the next few years so that each opera has a more condensed run; they currently can have two or three short runs that may be spread out in the fall, winter and spring. Doing so will allow the company, which sometimes presents as many as four different operas in the course of a week, to have fewer operas in rotation at any given moment.

And the plans call for scheduling more of the Met’s most popular titles, like Puccini’s “La Bohème,” on weekends, when they tend to bring in substantially more revenue than less familiar works. These changes, along with other cost-cutting measures and more targeted marketing efforts, are expected to net the company about $25 million to $40 million each year.

Even before the pandemic, the Met, the largest performing arts organization in the United States, with an annual budget of about $312 million, faced existential questions, as the old model in which subscribers would buy tickets to many productions each year faded.

The pandemic, which forced the company to shut down for more than a year and a half, exacerbated those troubles. Many of the Met’s patrons, who are older, stopped attending live performances and cinema broadcasts as frequently, leaving the company looking for new audiences.



Source link

Life Style

Post navigation

Previous Post: Humana stock plunges on dismal 2024 forecast, as insurers face soaring medical costs
Next Post: Electric bikes gain popularity | The Express Tribune

More Related Articles

Cosmopolitan Day 2024: 3 Ways To Make A Cosmopolitan Cocktail – News18 Life Style
This Gorgeous European Country Allows Tourists Without A Schengen Visa Life Style
How Library Cards Became the Jay-Z Merch of the Moment Life Style
Nicaragua’s Thomas Belt Zoo welcomes one of a kind albino puma Life Style
Inspiring accounts: All about Preeti Sudan, the new UPSC Chairperson – Times of India Life Style
Nida Yasir, Nadia Khan, Shaista Lodhi talk controversies | The Express Tribune Life Style

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • German’s Karachi consulate resumes services for non-EU nationals
  • Dominik Mysterio’s Intercontinental Championship reign continues at SummerSlam, makes AJ Styles latest victim
  • 9 best foods to boost immunity naturally | The Times of India
  • Over 22 Crore Farmers Receive Rs 1.83 Lakh Crore Compensation Under PMFBY Since 2016
  • No space to nurse | The Express Tribune

Categories

  • Business
  • Entertainment
  • Health
  • Life Style
  • Sports
  • World

Copyright © 2025 Breaking News.

Powered by PressBook Blog WordPress theme