After failing to raise enough funds to plug its USD20m (€14.7m) deficit, the New York City Opera has announced that it is to close and file for bankruptcy.
In a last ditch attempt at raising funds, the company took to Kickstarter in September to encourage fans of the company to pledge a donation and help secure the upcoming season. However the funding goal of USD1m (just a small portion of the amount required) was not reached, with only USD301,01 pledged by 2,108 backers.
The New York City Opera’s endowment suffered hugely over the course of the financial downturn, going from USD48m in 2008 to just USD5.07m by June 2012.
Founded in 1943, the NYCO was nicknamed ‘The People’s Opera’, and aimed to improve the accessibility of opera by providing lower ticket prices. The company helped launch the careers of several international opera stars, including Joyce DiDonato, David Daniels, Plácido Domingo and José Carreras.
The company will refund unused tickets for this season, however ticket holders can forgo their refund to help support the paying out of NYCO’s severance payments for its artists and employees.