Money Talks from The Economist
Money Talks: There’s no business like it
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.
47:32
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Quick takeaways
- Original productions and shows without star power are struggling to find audiences in Broadway's recovery from the pandemic.
- The majority of Broadway shows fail to recoup their investment, highlighting the high-risk nature of investing in the industry.
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Challenges faced by Broadway
The podcast discusses the challenges facing Broadway in its recovery from the COVID-19 pandemic. Audience numbers are down, with a 17% decrease in ticket sales compared to pre-pandemic levels. While some shows with recognized titles and stars continue to do well, original productions and shows without star power are struggling to find audiences. Additionally, the costs of producing and running shows have increased, including labor organization expenses and rising operating costs. The podcast highlights the need for new revenue streams, resource sharing, and streaming opportunities to help sustain and broaden Broadway's audience.
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