Money Talks from The Economist Money Talks: There’s no business like it
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Dec 21, 2023 The business of Broadway is explored, discussing the challenges faced by actors and producers, raising capital for shows, the immersive experience of investing, and the uncertainties of the industry. The impact of the pandemic on theater and personal theater journeys are also discussed.
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Broadway's Economic Significance
- Broadway is both a global brand and a local industry centered in Manhattan.
- It serves as an economic indicator for New York City tourism and consumer sentiment.
High Costs and Breaking Even
- Broadway musicals have high weekly running costs, sometimes reaching $850,000.
- Shows need to clear around $1 million weekly to cover royalties, theatre costs, and advertising.
From Financial Services to Broadway
- Ken Wilman and his wife invested in Broadway after serving on a theatre board in Seattle.
- Their first show lost money, but they found the experience enjoyable and invested again successfully.