Met Opera 2020 Tax Returns Released, Show Drop in Revenue, Increase in Endowment

The Metropolitan Opera’s tax returns for 2020 were released on Thursday and show a positive amount of $ 31 million.

However, according to the Associated press, the company claims that this money comes from pledges for future seasons that the company does not yet have.

Additionally, the release shows that revenue fell $ 13 million for the season, from $ 307 million in the fiscal year ended July 31, 2019 to $ 295 million in that fiscal year and expenses. increased from $ 313 million to $ 263 million; meanwhile, salaries fell $ 41 million, from $ 240 million to $ 199 million. According to the report, the Met says it operated on a balanced budget in 2019-2020.

However, Music Director Yannick Nézet-Séguin earned $ 915,571 compared to the $ 392,152 earned during the fiscal year ended July 31, 2019. During this time, General Manager Peter Gelb earned 1.46 million dollars last year, compared to $ 1.49 million last year. year.

Additionally, the Met’s endowment fund increased from $ 249 million to $ 264 million.

The Met recently reached a deal with AGMA which was very unpopular with soloists. The company is currently in talks with IATSE Local One to get the machinists back to work before the June 14 deadline; according to a union statement, failure to meet this deadline could jeopardize the 2021-22 season.

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