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Met Opera turns to Saudi Arabia amid financial struggles
The prestigious Metropolitan Opera in New York, facing serious financial difficulties, announced on Wednesday a partnership with Saudi Arabia that includes performing three weeks of opera annually in the kingdom.
According to a statement, the company “will travel to Riyadh each winter for five years to present staged operas and concerts.” The performances will take place at the Royal Opera of Diriyah, scheduled to open in 2028.
The collaboration also includes the training of young Saudi opera singers, composers, directors, set designers, theater artisans, and technicians. Additionally, a new opera commission is planned as part of the agreement.
Although no official figure was released, the New York Times estimates the deal could bring more than $100 million to the Met Opera.
Housed in the recently renovated Metropolitan Opera House in Manhattan, the company has not recovered from the COVID-19 pandemic, which caused a revenue loss of $150 million. Attendance has begun to rebound but remains below pre-pandemic levels. In response, the institution has drawn from its endowment fund and reduced the number of performances.
The initiative with Saudi Arabia reflects the “increasingly difficult economic conditions” surrounding major opera productions, said Peter Gelb, the Met’s general manager, in an AFP interview.
“The Met cannot survive solely on its own revenues and annual fundraising,” Gelb added, noting that “this agreement with the Saudi government helps us meet our financial needs,” without providing further details.
On August 27, credit rating agency Moody’s downgraded the Met’s rating by two notches to B3, placing the institution lower in the speculative investment category due to “persistent and increasing deterioration in performance.”