New York’s Met Opera to perform annually in Saudi Arabia under $100M pact

The Metropolitan Opera in New York, facing severe financial pressures, has signed a major agreement with Saudi Arabia to perform in the kingdom for the next five years.

Starting in 2028, the company will stage three weeks of operas and concerts annually at the new Royal Opera House in Diriyah. The deal also includes training programs for young Saudi opera singers, composers, stage designers, and technicians, as well as the commission of a new opera.

While no figures were disclosed, The New York Times estimates the partnership could be worth over $100 million to the Met.

The move comes as the Met struggles to recover from pandemic losses of $150 million. Despite improved attendance, box office revenue remains below pre-Covid levels. The company has cut performances and dipped into its endowment to stay afloat.

General Manager Peter Gelb said the deal reflects the increasingly difficult economics of producing large-scale opera:

“The Met cannot survive on ticket sales and fundraising alone. This agreement helps us meet our financial needs.”

On August 27, ratings agency Moody’s downgraded the Met’s bonds to “B3,” citing persistent financial deterioration.