Economist Podcasts Money Talks: There’s no business like it
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Dec 21, 2023 Stevie Hertz, The Economist’s US audio correspondent, shares insights on Broadway's financial struggles. The discussion reveals the theater district's ongoing challenges post-pandemic, from rising production costs to a surprising decline in ticket sales despite high attendance. They explore the balance between artistic passion and economic viability, alongside the impact of recognizable titles on profitability. Hertz also humorously dives into the quirks of corporate culture in the arts, all while pondering the future of New York's iconic theaters.
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Broadway Flops
- Andrew Lloyd Webber's "Bad Cinderella" flopped after just 10 weeks, despite a $20 million investment.
- "Phantom of the Opera" also closed after 35 years due to rising costs and falling sales post-pandemic.
Broadway as Economic Indicator
- Broadway's success is an economic indicator for New York City and tourism.
- In 2018-19, Broadway sold more tickets than all NYC professional sports teams combined.
Lion King's Success
- "The Lion King" has grossed nearly $1.9 billion since opening in 1997.
- The average ticket price for "The Lion King" recently was $200.