We know that Broadway show ticket prices have risen dramatically over the years. Yet, some shows still fail because their production costs are so high. So instead of achieving the proverbial win/win combination, there is a greater chance at lose/lose (prices too high for ticket buyers/costs too high for investors).
The as-yet-delayed show Rebecca is a case in point. As Jennifer Maloney writes for the Wall Street Journal: “The recent implosion of the multimillion-dollar Rebecca: The Musical was in many ways a drama worthy of its own stage: the adaptation of a cherished novel, charges of an elaborate fraud, and the mysterious death of an investor who may have never existed at all. But the show also has underscored the pitfalls of a more mundane economic reality: Broadway producers must raise more money than ever before. ‘We either need to find more investors or the same number of investors with bigger checkbooks,’ said Joey Parnes, a veteran producer and general manager whose credits include the original Dreamgirls and La Cage aux Folles.’ The price of mounting a musical has skyrocketed as costs such as marketing, advertising, and theater rental have increased, and producers employ more elaborate sets and special effects.”
Click the chart to read more of Maloney’s report.
I think that the rising cost of broadway shows is a problem that will not go away anytime soon until we learn how to purchase and use new technology and special affects in the most efficient way possible. Right now broadway show producers are buying without considering the consequences. The most important thing about these broadway shows is that they are enjoyed by the ticket buyers, a good investment and they keep people coming to see more. However, i do think that this is just a major problems for the broadway shows that are brand new. Broadway tickets to shows such as “wicked” are still very expensive, but they are not having problems because they have already past their phase years ago when they had to put an enormous effort into marketing. The new shows are having trouble because they have to try to get an audience, adapt to new technology AND keep their investors interested at the same time.