Joe Gold’s Post

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

✨ Broadway Week 21 (Ending October 13, 2024) Highlights ✨ This week, Broadway showed growth with total grosses hitting $34.27M, a 3.31% increase from the previous week. Attendance also rose, with 268,081 theatergoers filling seats across 32 productions, representing 91.33% capacity overall. Top Grossing Shows: Wicked continues to dominate with a gross of $2.49M and near-full capacity at 99.53%. The Lion King also performed well, grossing $2.20M with 98.63% attendance. Hamilton grossed $1.97M, filling 98.03% of its seats. Rising Attendance: Broadway shows had a 3.32% increase in attendance compared to the previous week. The average paid admission rose slightly to $127.83, up from $126.20 last week, indicating strong demand despite higher ticket prices. New Shows and Previews: Romeo + Juliet, Sunset Blvd., and Our Town are in previews, contributing to excitement and fresh offerings for theatergoers. McNeal had a planned five-performance week and still hit 100% capacity, showing that even limited engagements are drawing big crowds. Strong Performers: Hell’s Kitchen stayed strong with a gross of $1.43M, operating at 97.46% capacity. Moulin Rouge! performed at over 100% capacity with $1.64M in grosses, reflecting its ongoing popularity. Seasonal Comparison: Compared to the same week last season, Broadway saw a 25.06% increase in total gross and a 23.47% rise in attendance, showcasing significant year-over-year growth. 🎭 Data courtesy of The Broadway League. #Broadway #Theatre #BoxOffice #NYC #BroadwayGrosses #LiveTheatre

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

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 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

'A behind the scenes look at theatre investment' is the title of an article in Spear's Magazine by Suzanne Elliott. It is insightful and well worth reading for anyone interested in taking the plunge in investing in a stage play or musical. One stand-out quote is this, "The arts and culture industry is worth £10.8 billion a year to the UK economy and a whopping $876.7 billion in the US and nearly all producers – even big names on Broadway and the West End – require private investments to help raise the curtain." https://lnkd.in/gngbDjvV #theatre #theatreinvestment #musicals #culture #wealthmanagement

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

In an era where entertainment is everywhere, what truly draws a crowd? Off-Broadway's booming success suggests something fairly straightforward: fresh, inventive ideas executed flawlessly. Surely this is relevant to all efforts to captivate audiences. Clever, appealing and fresh ideas are vital. But brilliance remains a bedrock. #Audiences #TicketSales #PerformingArts #Theatre https://lnkd.in/ehJSTwdQ

Going back a little, to December 2023, an article was published which began, "If only you'd invested in Phantom... or Matilda... or Hamilton. Peek behind the curtain: the tricky art of investing in theatre productions." Things are already moving on since that was written, but it is still insightful. https://lnkd.in/gM3iZzQX #theatre #musicals #theatre #theatreinvestment

How #Broadway #Entertainment can invigorate your #events! Do you have a client that is looking for fresh, new entertainment concepts that deliver plenty of “wow” factor? House Down Productions provides exactly that – event entertainment that is unexpected, exciting, and will leave your client wanting more. Our veteran Broadway performers bring a unique set of skills that can take your clients’ events to the next level. Incorporating Broadway talent into your events can be a game changer in terms of: Storytelling: Our performers are working Broadway actors who engage with and captivate audiences every night. They make their living telling stories on stage, and they will bring this same approach to your clients’ events. This ensures your client’s story is heard loud and clear. That “wow” factor: Our performers are not only some of the best singers in the world, but SELL their performances like nobody else. Not only will your clients be blown away by their voices, but they will be entertained and moved. Theme: It goes without saying that our singers can sing Broadway tunes. But are you looking for 80’s rock, Motown, jazz, or 90’s pop? They can do that too. Broadway shows represent all these styles and our singers can do it all –seamlessly integrating your event’s theme and delivering a cohesive experience. Discover how the perfect partnership between Broadway and business can take your events to the next level. Contact us to learn more about how we can collaborate to create memorable experiences for your clients.