Ninety percent of new Broadway musicals staged since the COVID-19 pandemic will close having lost part or all of their investors’ money, according to The New York Times. Positive reviews, word-of-mouth buzz, and even Tony Awards have not been enough to keep shows afloat.
This year, none of the 18 musicals that opened on Broadway has made a profit.
Big-budget productions such as Tammy Faye, Boop!, and Smash each cost at least $20 million to stage, yet all three failed to generate returns within four months of their premieres.
Since the pandemic, 46 new musicals have premiered on Broadway with a total cost of about $800 million, and only three have proven profitable.
Lavish revivals of beloved classics are also faltering. The revival of Cabaret, with a budget of up to $26 million—including the costly conversion of a Broadway theater into a nightclub-style venue—has not turned a profit. Similarly, the $19.5 million revival of Gypsy, starring Audra McDonald and praised by critics, closed last month without recouping its investment.
Producers note that production costs—including salaries, materials, and rent—have risen significantly, while ticket prices have not kept pace. The average Broadway musical ticket last season was $127, up just 3.25% from the previous year.
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