Marvin Suchoff remembers his first live opera well. He should–it was only 18 months ago. Suchoff went to see The Barber of Seville just before he was scheduled to interview for the job of CFO of the Metropolitan Opera Company of New York–a job he would land and still holds today.

Words like "repertoire" now come easily to Suchoff, whose only vocal music experience was a couple of obligatory years singing in the temple choir near his upstate New York childhood home. What doesn't come easy for a CFO of a lavish and expensive artistic endeavor like the Met is solvency–especially since the 9/11 terrorist tragedies. The Met lives off income earned from ticket sales, which must account for 64% of its budget–$193.1 million in 2004. Revenue from ticket sales dropped off after those attacks crippled New York and has yet to recover. Before 9/11, the Met could count on selling at least 90% of its seats. Post 9/11, that floor is just 80%, and it shows no solid signs of improving, according to Suchoff. "We're learning to cut back and live on less, trying to weather the storm," he says.

FINANCIAL HAIRCUT

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.