Broadway is facing challenges in recovering its momentum following the pandemic.
Times Square has undergone changes in recent times. While ticket touts and Elmo impersonators still attract tourists, something is noticeably absent: for the first time since the 1970s, there are no Andrew Lloyd Webber shows on Broadway. The latest Broadway production by the renowned musical-theatre figure, “Bad Cinderella,” failed to succeed (similar to its original run in London) and closed after only 85 performances. Additionally, after 35 years, “The Phantom of the Opera” took its final bow as higher operating costs, exacerbated by the pandemic, pushed it beyond the point of sustainability.
The disappearance of both a classic long-running show and a prominent new production reflects deeper challenges faced by New York’s theatre industry. The Great White Way has been grappling with escalating expenses and dwindling audiences. Attendance figures have dropped by 17% compared to pre-pandemic levels (see chart), and box-office revenues in real terms were down by 27% in the 2022-23 season compared to 2018-19 (theatre seasons commence in the summer). The Broadway League, the industry’s trade association, does not anticipate a return to pre-pandemic audience levels until next year or possibly even later.
The health of the theatre district serves as an indicator of New York City’s overall well-being. It reflects the number of tourists and suburbanites drawn to the glitz and glamour, as well as the number of high-spending individuals willing to pay an average of $160 for a ticket. Mr. Times Square, an experienced ticket-seller in midtown who only goes by his pseudonym, appears disheartened at the end of a recent Friday evening shift. “It’s becoming more difficult to persuade people to spend money,” he remarks. “Broadway is not faring well at all.”
2024-01-11 08:57:26
Article from www.economist.com
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