Since I am going to New York this spring, I am excited to experience first class Broadway plays and musicals, especially the musical. Considering that most financially successful Hollywood films are either sequels or based off familiar books or real life events, I was curious if Broadway followed suit.
Lo and behold, it does. In a business article I wrote on the subject I discovered out of the 24 musicals currently playing on broadway, only 4 can be considered original works. The rest are either based on popular films, books, or a jukebox musicals, which utilize previously popular songs and integrates them into a story format (e.g., Mamma Mia). Also revivals are a big source of revenue. For producers the proven material is less of a risk to produce, and they are highly more likely to regain their investment. (Most broadway shows cost $10 million to produce.)
Also, casting big-name celebrities well into the production of the show, usually leads to a higher probability of regaining the investment in the show. These celebrities replacements have been proven to boost ticket sales dramatically and lengthen the run of the show by a few months.
In the end, audiences only seem to care if your a show wins a (few) Tony Award. If shows do not win, let alone get nominated, the chance of the show remaining open are slim to none. The shows that loose, especially original works, are pretty much guaranteed to close in the days following the Awards.
Yes, there is that fantasy that Broadway is free from corporate influence, and to a degree it is; but, money keeps the industry going and money is made when you fill the house with audience members. After all...there's no business like show business.
If you would like to read the full article please feel free to reach out to me.
