TEXT OF STORY
Steve Chiotakis: Here we are in a traditionally bad month for Broadway. But this year, the white lights could be dimmer and less profitable. Andrea Gardner explains.
Andrea Gardner: In light of falling ticket sales, Broadway producers are closing the curtain on a number of plays and musicals. Among them one-time box office hits, like Monty Python’s Spamalot and the teen musical Spring Awakening.
Even many lower-budget road shows around the country are feeling the pinch and are being forced to cut costs. Broadway is hoping for a stronger second act this spring.
Gordon Cox covers theater for Daily Variety. He says it’ll depend on investors, and right now, they are wary.
Gordon Cox: They are more comfortable holding onto their money right now than they are opening up their wallets to invest in a . . . what is always a risky theater production. And so the act of fundraising has become more difficult, even among those investors who regularly invest.
Shows currently attracting investors have attached big-name celebrities to guarantee ticket sales. Or they have smaller budgets, so even a modest run might be enough to recoup initial investments.
I’m Andrea Gardner for Marketplace.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.
You make our
Support nonprofit news you love with a gift today.