Broadway Musicals Struggle – Many Shows Losing Millions, New Season Shrinks
Broadway musicals face huge losses as costs rise and audiences prefer old hits. Only few new musicals profitable. Kristin Chenoweth, The Queen of Versailles
Broadway, long seen as the mecca for musical theatre, is facing a serious crisis. None of the 18 commercial musicals that opened last season have made a profit yet. Some still might, but several were big flameouts. Shows like “Tammy Faye,” “Boop!” and “Smash” each cost at least $20 million to stage and closed in less than four months, losing their entire investments. Lavish revivals of classics are also struggling, like “Cabaret” and “Gypsy”, even with star-studded casts and high budgets.
Rising Costs and Low Profits
The economics of Broadway musicals are changing fast. Production costs have skyrocketed over the past few years while ticket prices remain relatively flat. The average ticket last season was $127, only slightly higher than before the pandemic. With attendance still a bit below pre-pandemic levels, producers are seeing very slim profit margins. Jason Laks, president of the Broadway League, says only about 10% of musicals are profitable now, roughly half the historical average.
New Musicals at Risk
Since the pandemic, 46 new musicals have opened on Broadway, costing around $800 million to produce. Only three have recouped their investments: “MJ” (Michael Jackson jukebox musical), “& Juliet” (pop hits by Max Martin), and “Six” (the wives of King Henry VIII reimagined as pop stars). Government grants helped each of these shows recover, but most new musicals are still financially vulnerable. Fall season has just two new musicals, “The Queen of Versailles” starring Kristin Chenoweth, and “Two Strangers (Carry a Cake Across New York)” with only two actors.
Long-Running Hits Stay Strong
While new musicals struggle, Broadway’s juggernauts continue to thrive. Shows like “Hamilton”, “Wicked”, “The Lion King”, and “Aladdin” are still packing theaters. Some musicals even have ticket prices climbing as high as $1,500, showing strong demand for proven hits over new productions.
Plays Are Faring Better
Interestingly, plays are seeing more success than musicals lately. Seven plays that opened last season were profitable, often due to lower production costs, smaller casts, and celebrity actors. Shows like “Good Night, and Good Luck” with George Clooney and “Othello” with Denzel Washington and Jake Gyllenhaal even broke box office records. But the industry relies on musicals to employ large casts and crews, so plays alone can’t sustain Broadway.
Future Outlook
Producers are cautious but hopeful. While many shows are financially risky, adaptations of films like “The Lost Boys” and “Purple Rain”, or original titles like “Wanted”, are in the works. Despite rising costs and financial disappointments, Broadway creatives remain committed to producing great theater. Marcus Chait, producer of “Lost Boys”, said, “There is nothing like great theater… I believe it’s the greatest art form there is.”
Broadway musicals face a challenging environment, with high production costs, modest ticket price growth, and audiences flocking to older hits. New musicals struggle to turn a profit, but long-running favorites and innovative plays keep the stage alive. Investors, producers, and theater lovers are watching closely, hoping for a balance that allows new creative works to flourish.
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