2018 was a very successful year on Broadway. Broadway newcomers, such as "Harry Potter and The Cursed Child" and "To Kill A Mockingbird," joined with classic fan favorites, such as "Chicago" and "Wicked," helped to create Broadway's highest-grossing year. Just one year later, Broadway investors are set to lose over 100 million dollars, so where did they go wrong?
Since the annual Tony Awards that took place on June 9th, over a dozen shows have announced their Broadway closings. According to Forbes Magazine, out of all these shows, only three of them will be set to close in the black. Several contributing factors could have resulted in this; however, the sudden drop in ticket prices is said to have the greatest impact.
During the 2018 broadway season, ticket prices rose substantially higher due to a popular Broadway show, "Springsteen on Broadway." "Springsteen on Broadway" brought new audiences out to Broadway and encouraged them to see other performances. Once this show closed, audience numbers began to dwindle and ticket prices began to go down. At this point, tickets cost approximately 10% less than what they did last year.
While the sudden Broadway closures to some of our most beloved shows are disappointing to the casts and fans alike, there are no signs of Broadway going anywhere anytime soon. What we are seeing on Broadway is simply market correction and is very similar to what we see often in our economy. After all, this is the nature of the business and nothing good can last forever.
The next season of Broadway is already looking hopeful as new shows, such as Alanis Morissette's "Jagged Little Pill," "West Side Story," and "The Music Man" starring Hugh Jackman, are preparing to make their opening on the great white way. For now, there is still time to enjoy the current shows of Broadway before they leave the stage or to even check them out as they tour a city near you.
Whether it is local or gracing the stage of Broadway, always remember to go out and support the arts. You never know what you might end up loving.