What does “in the gods for a pound” means?

First thing I went to was the Götz Friedrich Ring at Covent Garden (pictured left), in the gods for a pound.

I found the phrase in this article: http://www.theartsdesk.com/classical-music/qa-special-pianist-barry-douglas

The gods in this context is an informal term for the gallery of a theater, typically the cheapest seats which are the highest above the stage. Wikipedia suggests a few possible etymologies (though without references): it could be because gods also live high above Earth, or it could be because theater ceilings sometimes were painted with mythical scenes involving gods.

So Douglas is saying that he sat in the cheapest seats, for which the ticket price was one pound.

Both the gods and gallery seem to be chiefly British. American English would usually call this section of seats the balcony (formally) or the nosebleed seats (informally, based on the notion that the change in air pressure at high elevations can cause nosebleeds).

(As to the beginning of the sentence: Ring is presumably referring to a production of Richard Wagner's opera cycle The Ring of the Nibelung, of which Götz Friedrich was the director. Covent Garden refers to the Royal Opera House located in the Covent Garden neighborhood of London.)