"These staff reductions, combined with some temporary salary reductions and other cost-cutting measures, will reduce the Met's expenses by $15m for the remaining six months of the Met's fiscal year, and by another $25m in the Met's following fiscal year."
"I've been assured that it's going to go forward. But we have been waiting for some time," he said."
"The cuts are necessary while the Met awaits its pending agreement with Saudi Arabia and the implementation of other revenue-generating initiatives."
The Metropolitan Opera will enact salary reductions of 4%–15% for 35 executives earning more than $150,000, including general manager Peter Gelb (approximately $1.4m in 2024) and music director Yannick Nezet-Seguin (about $2.05m). The company will lay off 22 of 284 administrative staff and reduce next season from 18 productions to 17, postponing a planned staging of Mussorgsky's Khovanshchina. The measures are expected to lower expenses by $15m for the remaining six months of the current fiscal year and by $25m in the following fiscal year. The actions respond to pandemic-related revenue shortfalls and delays in a tentative $200m Saudi performance agreement at the Royal Diriyah Opera House.
Read at www.theguardian.com
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