The company's annual budget is in the order of 200 million euros, of which 100 million come from the French state and 70 million from box office receipts. Small scale and contemporary works are also staged in the 500-seat Amphitheatre under the Opéra Bastille. Currently called the Opéra National de Paris, it mainly produces operas at its modern 2700-seat theatre Opéra Bastille which opened in 1989, and ballets and some classical operas at the older 1970-seat Palais Garnier which opened in 1875. Classical ballet as it is known today arose within the Paris Opera as the Paris Opera Ballet and has remained an integral and important part of the company. It was founded in 1669 by Louis XIV as the Académie d'Opéra, and shortly thereafter was placed under the leadership of Jean-Baptiste Lully and officially renamed the Académie Royale de Musique, but continued to be known more simply as the Opéra. The Paris Opera ( French: Opéra de Paris French: ) is the primary opera and ballet company of France. Palais Garnier (top) and Opéra Bastille (bottom), today's homes of the Paris Opera.
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