Opera in Metropolitan City Seeks Financial Ties with Saudi Arabia
The Metropolitan Opera Company of New York has signed a significant contract with the Saudi Arabian Ministry of Culture, ensuring the Met Opera performs annually in the Kingdom of Saudi Arabia. This collaboration comes amidst financial struggles for the Met, as Moody's recently downgraded its rating by two notches to "B3."
On August 27, Moody's downgrade was a new development, highlighting the Met Opera's financial difficulties. The downgrade is due to a persistent and worsening deterioration in the Met Opera's performance, with the Met Opera's rating previously not specified.
The Met Opera, housed in the recently renovated Metropolitan Opera House, has not yet recovered from the COVID-19 pandemic, resulting in a revenue loss of $150 million. In response, the Met Opera has reduced the number of performances and is now looking to the future with this collaboration.
Peter Gelb, the Met's general director, stated that the initiative with Saudi Arabia helps the Met Opera meet its financial needs. However, Gelb did not provide further details about the financial aspects of the agreement with the Saudi government.
The collaboration includes providing training for young Saudi opera singers, composers, directors, set designers, theater craftsmen, and technicians. It will also commission a new opera and see the Met Opera travel to Riyadh each winter for five years to present staged operas and concerts.
Performances will take place at the Royal Opera House in Diriyah, scheduled to open in 2028. The New York Times estimates the deal could bring in more than $100 million for the Met Opera, although no specific financial figures have been disclosed.
Despite the downgrade, the Met Opera's attendance has started to recover but remains below pre-pandemic levels. The downgraded rating places the Met Opera further down in the speculative investment category, but the collaboration with Saudi Arabia offers a glimmer of hope for the future.
As the Met Opera continues to navigate its financial challenges, the annual performances in Saudi Arabia provide a promising opportunity for the institution to secure its future and continue to bring world-class opera to audiences around the globe.
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