Since the pandemic hit, Broadway has taken a big hit due to the lack of revenue flowing in. This has become a worry for many production companies who invest into Broadway shows, making a risky business even riskier due to the pandemic. I am not a specialist when it comes to drama but I do know that the art form relies heavily on picking up revenue from audience attendances.
According to the article, "Crowds were still hesitant to return to recently reopened Broadway, and the producers and investors who spent $3.5m to bankroll Is This A Room and a sister play, Dana H., were not making enough." Similar to movie theaters, drama theaters are just beginning to open back up but it is not looking bright for the business.
Broadway is already an incredibly risky business, investors rarely get back a return on their investment. I can see this as the last straw for the business as a whole and could cause an end to the historical art form, at-least on a large platform. Do you think Broadway and other drama theaters will be able to get themselves out of this hole or do you think this could be the end for many drama theaters across the globe?
Source: https://thehustle.co/the-economics-of-broadway-shows/
3 comments:
I think and also genuinely hope that Broadway and show businesses, in general, survive the pandemic. It makes sense that movie theatres might not come back because audiences can get similar experiences watching movies at home at much cheaper prices at any given time and date. But live shows can not be replaced with digitized versions. No streaming services can replicate the intimacy and scale that live Broadway shows provide.
This is very interesting, I can see why investors may not get their money back from their initial investment as many of the plays and companies have high production and labor costs. I also can't imagine how much the Covid-19 pandemic has impacted people going to Broadway and seeing the shows.
I think that theatre is one of the few businesses that people will participate in for reasons that have nothing to do with money. Of course those who invest would like to see a return, but many involved with Broadway and theatre do it because they are passionate about it. I think that Broadway will be resilient and outlast the pandemic. Small theatres who don't have big investors may take a hit, but the community overall will stay strong.
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