Music Director Jaap van Zweden conducts the New York Philharmonic in September 2018 in New York City. Last week, the Phil cancelled the entire of its 2020-2021 season. AFP
Music Director Jaap van Zweden conducts the New York Philharmonic in September 2018 in New York City. Last week, the Phil cancelled the entire of its 2020-2021 season. AFP
Music Director Jaap van Zweden conducts the New York Philharmonic in September 2018 in New York City. Last week, the Phil cancelled the entire of its 2020-2021 season. AFP
Music Director Jaap van Zweden conducts the New York Philharmonic in September 2018 in New York City. Last week, the Phil cancelled the entire of its 2020-2021 season. AFP

'Waiting for a miracle': Stages sit dark as US performance world struggles with cancelled seasons


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Recent weeks have seen the already painful situation facing live performance in the United States grow increasingly dire, with major companies along with Broadway sombrely scrapping hope to re-open before next summer and scrambling to find ways to stay in the public eye.

New York's Metropolitan Opera was the first top outfit to cancel its entire 2020-21 season over the coronavirus pandemic, followed by the highly bankable Broadway theatre district and the city's famed Philharmonic symphony.

I think it is going to be very unlikely we're going to do anything in front of live audiences anytime soon

Across the nation company directors are facing similar decisions, with the Boston Symphony Orchestra following the lead of its New York neighbours.

Elsewhere many organisations are still aiming to open in January as they pilot ways to stay fresh and avoid falling into the red, but the future appears grim.

Many companies have already budgeted for a season sans spectators in a country where the coronavirus caseload continues to add about 40,000 new infections daily.

Seattle anticipates a loss of $6 million in revenue, as New York's Phil estimates to lose $20 million and the Philadelphia Orchestra more than $25 million.

"I always have hope, but I think it is going to be very unlikely we're going to do anything in front of live audiences anytime soon," said Matias Tarnopolsky, the director in Philadelphia.

The pandemic has forced layoffs, furloughs and pay cuts across the performing arts, as organisations including the Phil and the Met are bargaining with unions to adapt musicians' contracts to the financial challenges of the moment.

The Metropolitan Opera House at the Lincoln Center for the Performing Arts, New York City. Alamy
The Metropolitan Opera House at the Lincoln Center for the Performing Arts, New York City. Alamy

Government subsidies are not the norm for American orchestras and operas, which rely on donations and wealthy patrons, and to a smaller extent ticket sales, to pay bills and keep endowments robust.

"If the fundraising holds we should be able to make it to the summer, but we still have a very large fundraising goal," said Kristina Murti, the Seattle Opera's communications head.

"It's always stressful to raise a lot of money," she said, especially in an already gloomy economy.

Adapting art to a society in distress

But companies have by no means given up on offering content, most of it virtual, some of it free and all of it breaking new ground.

The Atlanta Opera, which months ago cancelled its 2019-20 season and postponed the following performance slate by a full year, has devised a unique fall series that will see live performances of Pagliacci and The Kaiser of Atlantis under a circus tent on a baseball field starting Thursday, October 22.

Tickets in the southern US city will be sold as four-person socially distanced "pods," welcoming up to 240 people per show. Singers will perform behind plexiglass or wear face coverings, and all patrons must wear masks and get temperature checks.

Tomer Zvulun, the Atlanta Opera's general and artistic director, said the company has already sold nearly $100,000 in tickets.

But he emphasised the move was less about money, in April the company slashed its $10 million budget by 34 per cent and like everyone else, anticipates losses, and more about adapting their art to a society in distress.

"As artists we are nimble enough, we are desperate enough, we are committed enough to find a way to do what we do best and connect with a community."

"We all are very grateful for those handheld devices and TVs, but there is no replacement for live performance."

  • People watch musicians of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park in the Brooklyn Borough of New York City. AFP
    People watch musicians of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park in the Brooklyn Borough of New York City. AFP
  • Countertenor and producer Anthony Roth Constanzo of the New York Philharmonic sings with the 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
    Countertenor and producer Anthony Roth Constanzo of the New York Philharmonic sings with the 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
  • People watch musicians of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park in the Brooklyn Borough of New York City. AFP
    People watch musicians of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park in the Brooklyn Borough of New York City. AFP
  • Violinist Quan Ge (L) and violist Cong Wu of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
    Violinist Quan Ge (L) and violist Cong Wu of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
  • Violinist Quan Ge (L) and violist Cong Wu of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
    Violinist Quan Ge (L) and violist Cong Wu of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
  • Countertenor and producer Anthony Roth Constanzo (C) and and violist Cong Wu of the New York Philharmonic play with the 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
    Countertenor and producer Anthony Roth Constanzo (C) and and violist Cong Wu of the New York Philharmonic play with the 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
  • Violinist Quan Ge (L), violist Cong Wu (C) and countertenor and producer Anthony Roth Constanzo of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
    Violinist Quan Ge (L), violist Cong Wu (C) and countertenor and producer Anthony Roth Constanzo of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
  • People watch musicians of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
    People watch musicians of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
  • Lorri, 51, listens as musicians of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park. AFP
    Lorri, 51, listens as musicians of the New York Philharmonic play with their 'bandwagon's pop-up concert series' at Betty Carter Park. AFP

'Waiting for a miracle' 

The Phil meanwhile launched an outdoor Bandwagon series, with small ensembles playing on city street corners, as the Los Angeles Opera showcased its singers lulling their own children to sleep with bedtime songs.

Tarnopolsky sees silver linings in the struggle, saying virtual content additions "are changes that will last far beyond the current pandemic and be part of the orchestra's offering forever."

Still, fewer shows and reduced rehearsals has been tough on musicians themselves, who are grappling with salary cuts and limited modes to cultivate their art.

"I have a lot of concern about musicians leaving the field because the situation is so difficult," said Simon Woods, who heads the League of American Orchestras, which represents some 700 organisations.

Maxim Moston, a violinist who regularly performed on Broadway, most recently for the musical Moulin Rouge, is worried about New York's future as an artistic nerve centre.

"People can't afford to pay New York City rents while sitting around and waiting for it to be safe for them to practice their professions and their passions," he said.

His family owns their apartment which provides some relief, but at a certain point enough might prove enough.

"I think that many of us, myself included, haven't truly faced that reality yet," Moston said.

"I'm hanging on, waiting for a miracle to come."

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”