Following the organization's $311 million budget falling short by $2.8 million, Met officials announced a reversal of the price increase.
The Wall Street Journal cites a financial disclosure statement filed as part of the requirements of a $100 million bond offering in 2013, which showed average attendance fell to 79 percent of the opera house's capacity.
The previous year's attendance was 84 percent.
The Wall Street Journal reports that attendance in the 2012-13 season was affected by superstorm Sandy, resulting in a $2 million loss and a $3 million decrease in funding for rush tickets.
The Met created new pricing zones in the opera house, mimicking Broadway shows' revenue models. The most sought-after seats increased in price, and the least expensive ticket prices were lowered from $25 to $20. After noting the drop in attendance, the Met announced it would modify its pricing. The average ticket price has been lowered from $174 to $156, and new subscriber benefits have been added.
The box office took in $93 million in fiscal 2013; it took in $99 million in fiscal 2012. The Met broke even in 2012 and had a small surplus in 2011.
Additionally, the Met's live HD broadcasts have generated income, but they have not made up for the decrease in box-office revenue. The company made $22 million in fiscal 2009 from HD broadcasts, and it earned $35 million in 2013.
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