“The Metropolitan Opera’s $311 million budget fell short by $2.8 million last year, after a ticket price increase backfired and caused attendance to drop, according to a newly released financial-disclosure document,” writes Jennifer Maloney in Tuesday’s (1/28) Wall Street Journal. “Last February, Met officials announced a reversal of the price increase, acknowledging that their foray into dynamic pricing had had unintended consequences. The financial disclosure, filed as part of the requirements of a $100 million bond offering in 2013, shows average attendance fell to 79% of the opera house’s capacity…. Average attendance for the previous year was 84% of capacity. Officials have seen this season’s attendance bounce back, after reversing the price increase.… In the 2012-13 season, attendance also was hurt by superstorm Sandy—a $2 million loss—and a $3 million drop in funding for rush tickets, officials have said…. The Met broke even in 2012 and had a slight surplus in 2011. Income from the company’s live HD broadcasts continued to grow, though it didn’t make up for the drop in box office revenue.… The company earned $35 million from HD broadcasts and other media in 2013, showing steady growth from $22 million in fiscal 2009.”
Posted January 30, 2014
