Industry Pro Newsletter: Making an Original Broadway Cast Recording & NYC's Record Investment https://lnkd.in/eQCgVeNt
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Post-pandemic, the Broadway industry is still rebounding from its effects, with producers looking for avenues to broaden their investor base. For those considering investing, read this article authored by Stefan Schick, co-chair of Loeb & Loeb’s Theater & Live Entertainment practice, to understand the basics of investing on Broadway — from key questions to ask, to its financial and nonfinancial benefits outlined in the link below. #theater #broadway #entertainment #investing #highnetworthindividuals
The Basics of Investing on Broadway | Loeb & Loeb LLP
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Not all the hot theater tickets are for the big Broadway shows. Off-Broadway productions in New York City are thriving and often provide an even wider range of offerings for theatergoers. Productions like "Titanique," "Job," and "Oh, Mary!" are achieving full houses due to their fresh concepts, quality productions and often more competitive ticket prices than their splashier Broadway competitors. Word of mouth is also a vital marketing tool in attracting audiences to these shows that may not have the big ad budgets as Broadway hits. And there seems to be a shift in audience preferences towards more unconventional entertainment options. So if you're looking to see a show, Times Square isn't the only place to find something of quality and affordability. There's plenty of great theater beyond the Great White Way. #broadway #offbroadway #theater #onstage #tickets #boxoffice https://lnkd.in/edH7-Dgm
Off-Broadway is booming — and it’s a lesson for theaters everywhere
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Are Broadway shows moving to earlier evening start times? That seems to be a trend as some shows address the post-pandemic decline in audiences, especially from suburban areas. Historically, evening performances started at 8:30 p.m., but have since shifted to 8:00 p.m. More recently, shows have been moving start times to 7:00 or 7:30 p.m. and adding more matinees, catering to families, tourists, and older audiences who prefer earlier shows. Matinees, particularly on Thursday afternoons, have become more popular than Saturday nights. Shows like Disney’s “Aladdin” and “The Lion King” now feature 6:30 p.m. performances on Sundays. Some productions, like “Oh, Mary!,” are opting for two evening performances instead of a matinee. The ongoing adjustments aim to get theaters back to capacity. #theater #broadway #onstage #tickets #boxoffice https://lnkd.in/e3z7Pgyd
Broadway performance times keep getting earlier
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We are on Forbes! - The legendary Broadway producer Manny Azenberg said in a Q&A with Damian Bazadona, “We have an economic structure that lost its way with the fundamental question of what is fair… [Our industry] has all taken out on the customers.” In the past five decades, top ticket price on Broadway has risen from $15 to $1000 (x 66 times). Inevitably, we are now suffering from a backlash. The pandemic has accelerated the shift of consumer composition and behavior. After the shutdown, we are observing a fast growing audience that's much younger and diverse. They’d love to see lots of shows but can't afford $100+ individual tickets. Therefore, the structure of our ticket supply no longer meets the rising consumer demand. As a result, we are struggling with ticket sales. Shows can't survive. At this urgent moment, what should we do to rebuild a sustainable business? Bring theatergoers into the equation. Empower them to define what’s fair. Build a ticket solution that they want. (Thank you, Marc Hershberg, for covering Theatr App’s story!) To the future of theatre. #theatre #broadway #tech #startup
New App Helps Broadway Theatergoers Find Last-Minute Deals
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We’ve Hit Peak Theater Nobody knows how to succeed on Broadway anymore. The resulting drop in demand has already lasted longer than the dips Broadway saw after 9/11 and the Great Recession. Audiences are down 17 percent since the boom season of 2018–19 with older suburbanites accounting for most of the falloff. “The drop was at 50-plus,” Producing on Broadway, where roughly 80 percent of shows fail to recoup, has always been a leap of faith. Yet Tonys no longer guarantee solvency. It used to be that if a show won Best Musical, it would earn its money back. Moulin Rouge! The Musical, the last winner to open before the pandemic, ultimately reopened and recouped. The next two winners, A Strange Loop and Kimberly Akimbo, failed to break even before closing. That hadn’t happened since 2002. The capitalization of Broadway shows this season adds up to $410 million, compared with $290 million last year, according to Broadway Journal columnist Philip Boroff. Before 2023, only a handful of shows were ever made for more than $20 million. This season, there are at least five, topped by Cabaret, which at $26 million is the most expensive Broadway revival in history. This can’t be pegged purely to inflation. Titanic would have cost $19 million in today’s money In November, Boroff reported that Water for Elephants has weekly operating costs of $960,000; Back to the Future costs $980,000 to run, and Cabaret needs $1.16 million to break even. Before the pandemic, $700,000 was considered to be very high. According to a 2023 Broadway League report, the average age of a theatergoer is now 40.4, the youngest in at least 20 years. https://lnkd.in/ds6a-aeF
We’ve Hit Peak Theater
vulture.com
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Creative problem-solver, unifier, and doing my best to improve the arts and entertainment sector from all sides. All opinions expressed are my own.
This is a show that should have run forever, IMHO. But I love and respect that they took this huge risk and then openly discussed what they learned in the process of running Here Lies Love on Broadway. (And if you haven't seen it yet, get there before it closes November 26!) "“When we started this journey to bring this bold and original work to Broadway, we asked ourselves: ‘Can anyone produce on Broadway in a new way? Is there a new path forward? What does the template look like? Will audiences want something radically new? Who will those audiences be?’ “We have learned a great deal about the answers to those questions. Yes, new ways can work. Artistic excellence can be achieved. But the reality is, succeeding on Broadway means not only producing excellent work with artistic merit — it also means creating the audience for it. And how much time it takes to find and grow new audiences is out of sync with the tight timeframes for audience-building and awareness." #Broadway #HereLiesLove #newmodels #learning
‘Here Lies Love’ to end Broadway run
broadwaynews.com
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"The best way to be an educated consumer of Broadway is to see as many shows as possible. BroadwayHD makes it easier than ever to become a #Broadway #theater connoisseur. BroadwayHD introduces award-winning theater from all across the globe with both classic and modern productions. Since BroadwayHD’s launch in 2015, the average age of a Broadway #ticket buyer has dropped for the first time since 2000, indicating that BroadwayHD has a positive impact and knock-on effect on audience members booking tickets to live shows. In other words, by bringing theater to younger fans #online, the younger theater fans are buying tickets to live stage shows. The formula is a win-win for the future health of Broadway and the #global #audience that will never have the opportunity to step inside a Broadway theater. Ensuring a vibrant and sustainable audience of ticket buyers is vital for the future of Broadway as an art form, so access to shows online is critical for a healthy industry." #theatre #stage #broadwaystreaming #streamingbroadway #broadwayhd Stewart Lane Danielle Allen The Drama League #tickets #ticketbuyer #liveperformance #liveentertinament #digitalcapture #proshot #quietluxury https://lnkd.in/eyNg359Z
Streaming Broadway: Is BroadwayHD The Quiet Luxury of High-End Entertainment?
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In the new issue of JAQUES: I talk with all three newly anointed leaders of Disney Theatrical Group about how three shows across two continents are evolving the production pipeline of the world's biggest, busiest international producer of musicals—and what it might mean for the industry as a whole. https://lnkd.in/d5FRJgzU
DISNEY FLIPS THE SCRIPT
gordoncox.substack.com
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The 2023-2024 Broadway season has officially come to an end and the Broadway League has released the stats. The season grossed $1.54 billion, slightly down 2.4% from the previous season, with 12.29 million admissions, almost unchanged from last year. Despite these positive figures, they have not yet returned to pre-pandemic levels from the 2018-2019 season, which saw $1.83 billion in gross and 14.77 million attendees. However, theater capacity was high at 89.63%, close to 2018-2019's 89.75% and higher than last season's 88.35%. There were 1,471 playing weeks, slightly fewer than the previous season, but attendance per playing week increased to 8,353 from 8,333. The season saw 39 new productions, including 21 musicals, 16 plays, and 2 specials. #theater #broadway #onstage #boxoffice #tickets https://lnkd.in/ed_i2PKY
2023-2024 Broadway season ends with strong capacity and 12.3 million admissions to the theater, on par with last year
broadwaynews.com
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Reflecting on this week's Spring Road Conference, Account Group Director Kyle Fox shares fresh insights on how touring will shape Broadway’s future. Read about how Broadway marketers can prepare for the future of the industry today over on our blog: https://lnkd.in/eHTS-8Hm #MarketingAgency #BroadwayMarketing #TourismInnovation #BroadwayBound
How Theatre's Future is Shaped by the Road
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