Met Opera’s 2020 Tax Returns Released, Show Revenue Drop-Off & Endowment Increase

By David Salazar

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

However, according to the Associated Press, the company is claiming that that money comes from pledges for future seasons that the company does not have yet.

Moreover, the release shows that revenue fell by $13 million for the season from $307 million in the fiscal year that ended on July 31, 2019, to $295 million in this fiscal year and expenses dropped from $313 million to $263 million; meanwhile, salaries dropped by $41 million from $240 million to $199 million. Per the report, the Met claims that it operated at a balanced budget during 2019-20.

However, Music Director Yannick Nézet-Séguin earned $915, 571 compared to the $392,152 earned in the fiscal year that ended on July 31, 2019. Meanwhile, General Manager Peter Gelb made $1.46 million in the latest fiscal year, down from $1.49 million the previous year.

Additionally, the Met’s endowment fund did see an increase from $249 million to $264 million.

The Met recently came to an agreement with AGMA that was highly unpopular with soloists. The company is currently in talks with IATSE Local One to get stagehands back to work before a reported June 14 deadline; per a press release from the union, an inability to meet this deadline could put the 2021-22 season in jeopardy.