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.
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High - Energy Sales & Event Planner
4moSuch an incredible show.