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No Revival in Sight for Battered Broadway

Economic downturn makes investors nervous and theatergoers thrifty

By Drew Nelles,  Newser Staff

Posted Dec 28, 2008 3:29 PM CST
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(Newser) – The economic crisis has produced plenty of drama, but it means a bust for Broadway, the Los Angeles Times reports. Investors are jittery about backing just about anything, theaters are cutting costs, and some shows are shutting down early or canceling their openings. "What we had was a small musical with no boffo star names associated with it," says the producer of one canned musical.

There are still successful shows on Broadway, but insiders speculate that family-friendly shows will get hit as the economy keeps tanking. "When they're flush, upper-class parents with two kids don't think twice about spending $500 to see a show," one says. "But are they going to spend that now when they can see a family movie for $50?"

Shrek the Musical's continued success is bucking Broadway's gloomy trend, thanks to name recognition.
Shrek the Musical's continued success is bucking Broadway's gloomy trend, thanks to name recognition.   (AP Photo/Boneau/Bryan-Brown, Joan Marcus)
Several Broadway shows are scheduled to close in January due to the economic downturn and declining ticket sales, including Young Frankenstein, Hairspray, and Monty Python's Spamalot.
Several Broadway shows are scheduled to close in January due to the economic downturn and declining ticket sales, including Young Frankenstein, Hairspray, and Monty Python's Spamalot.   (AP Photo/Craig Ruttle)
We chose to close [Boeing-Boeing] when the current cast members' contracts all expired...rather than forge through the challenges of January and February in a weak economy, one producer says.
"We chose to close [Boeing-Boeing] when the current cast members' contracts all expired...rather than forge through the challenges of January and February in a weak economy," one producer says.   (AP Photo/Craig Ruttle)
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You can have all the ticket promotions and discounts, but if you can produce the right mix onstage – and capture the audience's imagination – you'll have a nice success no matter what. - producer Steve Traxler

If you asked me to put $10 in a new show, I'd think twice. - producer and investor Peter Schneider

We're doing everything we can to convince people even though times are tough we're offering good value. - Roundabout Theatre Co. managing director Harold Wolpert

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