How Hollywood Glamour Is Reviving the Endangered Broadway Play
George Clooney, Robert Downey Jr., Denzel Washington and Mia Farrow are coming to Broadway, where some producers see plays with stars as safer bets than musicals.
The pay on Broadway is not Hollywood-high, but it’s not bad — in commercial productions, stars are often given a negotiated base salary plus a percentage either of the box office or of any profit.
As with everything on Broadway, finances play a role. The money risked by investors on plays is much lower than on musicals, which tend to have bigger casts, more elaborate sets, and, of course, musicians, and which have become increasingly expensive to produce. A new musical these days often costs more than $20 million to bring to Broadway — “Boop!” a new musical based on Betty Boop that is opening next spring, is being capitalized for up to $26 million. Plays generally cost less than half as much — the “Romeo and Juliet” revival is being capitalized for up to $7 million, according to a filing with the Securities and Exchange Commission.
Of course, the potential upside is also lower. A successful play might return 30 percent to investors; the musical juggernauts (which are few and far between) can return many times that by sustaining long runs in large theaters and spinning off tours. (Of the 24 new Broadway musicals that opened over the last two seasons, only one, “& Juliet,” has become profitable thus far. Two others, “Hell’s Kitchen” and “The Outsiders,” have plausible paths to profitability, but it is too soon to know for sure.)
Broadway had been on a remarkable upward trajectory in the years preceding the pandemic, but then tumbled; during the 2023-24 season, total attendance was still 17 percent lower than it had been the last full season before the pandemic.
Community Engagement Lead
3moI’m looking forward to hearing more about this. What a great announcement!