Usually, when an industry refuses to report its profits, it’s because things might not look good to potential investors. In this case, that’s likely not the reason at hand. Broadway has thousands of raving fans who are anxious to get back into theaters after such a long hiatus, so we’re anticipating a landslide of ticket sales and event participation for this upcoming fall season. However, Broadway’s decision is understandable once you hear what they have to say on the subject.
The Broadway League attributed their decision to there being many factors. Some of the reasoning for the decision speak for themselves.
For one, fall is a strange time to be opening any shows, while theatres aren’t all going to be opening at the same time. Many of Broadway’s 41 theatres won’t be open until January of 2022, meaning any grosses that are reported are going to be shy of previous marks.
While this might make Broadway look like it’s underperforming in terms of sales, it’s obvious as to why numbers would be lower. Any knowledgeable investor would understand that, but maybe the Broadway League knows something the rest of us don’t.
Another reason could be that things are looking kinda grim for the future of live theatre, at least in the present. Tourist numbers are likely to continue remaining low over the coming months, which could impact ticket sales and word-of-mouth about new talent or any underdog shows from lesser-known names.
However, with power hitters like Hadestown set to open in September, it’s hard to believe that after such a long hiatus, audiences won’t be beating down the stage door to see these actors perform after such a long period of vocal rest and physical relaxation!
Broadway League president Charlotte St Martin said that no show’s gross will be released until Broadway is back to having full, uninterrupted seasons. We suppose this means that if the pandemic continues impacting sales numbers and shutting down public events with crowds like any theatrical event then we won’t know the grosses of any shows for quite some time.
As is, Broadway is testing out many new rules and guidelines, what with their implementing a new plan for required vaccinations and masks from audience members, as well as cast and crew and all theatre employees. Depending on how successful these measures are, it could determine the success of many other aspects of Broadway post-pandemic. Until we see how this season goes, we won’t be able to tell exactly when Broadway and the NYC theatre scene will be back up on its feet and jogging. Fingers crossed!
About David Milberg
David Milberg is an experienced financial analyst and entrepreneur from New York City. Milberg is a proud father of three kids. Milberg graduated from Princeton University with a BA in History and graduated from Columbia University with an MBA. David currently serves as a Senior Vice President at Milberg Factors, Inc.
Over his tenure at Milberg Factors, David has also been involved in numerous not-for-profit activities. In light of David’s charitable work, he was honored in the year 2000 by the accountants and bankers division of Big Brothers Big Sisters of New York and by the Metropolitan Jewish Geriatric Foundation. David Milberg has also been active in the Lincoln Center Business Council.
David Milberg has invested in such major broadway productions as Mel Brook’s The Producers, The Weir, and the hit revival of Pippin directed by Diane Paulus and starring Tony Award Winner Patina Miller at the Leading Player. David sits on the Board of Trustees for The Prospect Theater Company and is a fervent supporter of the Lincoln Center Theater. David Milberg presently serves on the Board of Trustees of the Princeton Triangle Club, where he was Vice-Chairman.
David Milberg has a rich, varied background is musical theater and live stage performance.