Met Opera Announces Essential Layoffs and Pay Cuts in New York
The Metropolitan Opera in New York City has announced significant financial measures, including layoffs and pay cuts, as it navigates ongoing financial challenges. These issues stem from the lingering impact of the Covid-19 pandemic, which heavily affected the performing arts sector across the globe.
Details of Layoffs and Pay Cuts at the Met Opera
The Met Opera has implemented salary reductions affecting 35 executives who earn more than $150,000 annually. The cuts range from 4% to 15%. Among those impacted is the general manager, Peter Gelb, who received approximately $1.4 million in the 2024 fiscal year. Music director Yannick Nézet-Séguin also faced a pay reduction; he earned $2.05 million in the last disclosed fiscal year.
Layoffs and Programming Reductions
In total, 22 positions have been eliminated from the Met’s administrative staff, which comprises 284 employees. Additionally, the upcoming season’s productions will be reduced from 18 to 17. A planned performance of Mussorgsky’s “Khovanshchina” has been postponed.
Financial Goals and Future Plans
The Metropolitan Opera anticipates these measures will cut expenses by $15 million in the remaining half of its fiscal year, and by $25 million in the following year. These cuts come after a tentative agreement with Saudi Arabia, valued at approximately $200 million, under which the opera would perform at the Royal Diriyah Opera House near Riyadh for five winters. The Met Opera has an annual operating budget of around $330 million.
- 35 executives facing salary cuts between 4% and 15%
- 22 layoffs from a staff of 284
- Reduction of shows from 18 to 17 next season
- Expected savings of $15 million in the current fiscal year
- Projected savings of $25 million in the following fiscal year
Gelb stated that these financial adjustments are partially due to waiting for the Saudi agreement to be finalized, which has introduced delays. He emphasized that maintaining artistic standards remains a priority while working towards financial stability.
Potential Revenue-Generating Initiatives
Future plans may include selling the naming rights of the theater and possibly the two Marc Chagall murals, which are valued at $55 million. Any sale would require the murals to remain in place at the Met’s location.
According to Gelb, the opera company is also considering renting out its auditorium for pop performances on non-operating nights to increase revenue.
