"None of the 18 commercial musicals that opened on Broadway last season have made a profit yet. Some still could, but several have been spectacular flameouts. The new musicals "Tammy Faye," "Boop!" and "Smash" each cost at least $20 million to bring to the stage, and each was gone less than four months after opening. All three lost their entire investments."
"Lavish revivals of much-loved classics are also fizzling. On Sunday, a revival of "Cabaret," budgeted for up to $26 million and featuring a costly conversion of a Broadway theater into a nightclub-like setting, threw in the towel at a total loss. A $19.5 million revival of "Gypsy" that starred Audra McDonald and earned strong reviews closed last month without recouping its investment."
"New musicals are particularly endangered. Since the coronavirus pandemic, 46 new musicals have opened on Broadway, costing about $800 million to bring to the stage, according to filings with the Securities and Exchange Commission. Only three have become profitable so far. Strong reviews, word-of-mouth and in some cases Tonys have not been enough. And this fall's new musical offerings are sparse: There are just two, one of which has only two people in its cast."
Broadway musicals are suffering widespread financial losses. None of the 18 commercial musicals that opened last season have yet recouped investments, and several new shows that cost at least $20 million closed within months, losing their entire investments. Lavish revivals with budgets up to $26 million have also failed to recoup, including high-profile productions of Cabaret, Gypsy and Sunset Boulevard. Since the coronavirus pandemic, 46 new musicals have opened, costing about $800 million in total, with only three becoming profitable so far. Few new musicals are planned for the upcoming season.
Read at Boston.com
Unable to calculate read time
Collection
[
|
...
]