Producing and investing in a Broadway show is always a risky proposition. Even when a show does gang-busters there's no guarantee that anyone will profit. After all of the expenses are taken care of, perhaps everyone just breaks even. But as the 2006-2007 touring Broadway seasons wrap up around the county, New York's Broadway shows closed their season this past Sunday with a sunny financial outlook.
Bloomberg.com reports that the 06-07 NYC Broadway season realized a 8.9% revenue increase from last season to $939 million and attendance increased 2.6% to 12.3 million folks.
There are quite a few factors that could have contributed to this pretty substantial increase but it all starts with a fantastic product. Of the 35 shows that opened this season, 25 have received at least one Tony nomination (the
Tonys are June 10... make sure you watch). From "
Grey Gardens" and "
Spring Awakening" to the family-friendly "
Mary Poppins" and revival of "
A Chorus Line" there is truly something for everyone. Heck there are also 16 dramatic plays in the mix for you non-musical folks.
Adding to the revenue increase were a bunch of block busters including "
Jersey Boys", "
The Color Purple", "
The Lion King", "Wicked" and now "Mary Poppins" whose last week box-office weekly grossing total broke the $1 million mark for the first time!
But as I mention at the beginning of this blog, producing and investing is often a risky situation. Unfortunately a few shows didn't perform to expectations and ultimately cost producers and investors around $60 million. Two of those unfortunately shows were Twyla Tharp/Bob Dylan's "
The Times They Are A Changin' " and "
High Fidelity." I'll be honest, I don't like Bob Dylan but I was really interested in seeing "Times" since I loved "Movin' Out" (Twyla Tharp also did that one). Sadly that opportunity has come and gone.