Why are our grosses going up anyway?
Last week, the Broadway League issued their latest record-breaking report about the Broadway season (You can read the Executive Summary here).
As we all know, and as we’ve all celebrated, Broadway has been on a decent ride over the past couple of decades, with grosses rising year after year, even topping the one billion mark a few seasons ago.
But why?
Is it the increasing strength of the Broadway brand? Is it the mega musicals like Wicked, Mormon and yep, Spider-Man, drawing more and more international tourists? Is it more stars from tinsel town increasing demand for premium tickets?
Yeah, it’s all those things.
But I also think it’s something much simpler.
We all know that the tourist is the primary component of our audience, representing about 65% of the whole. So . . . yep, you’re getting it, aren’t you.
Take a look at this graph of New York City tourist growth since 1992.
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Now, compare that graph with this one, which charts the growth of Broadway grosses.
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See the similarity?
Tourists up? Grosses up. Simple correlation.
This isn’t a huge revelation, by any means, but the graphs are so similar that it tells me two things:
– We owe a huge debt of gratitude to the city and the businesses that helped clean up Times Square and re-establish the district as a tourist destination. We tip our top hats to thee.
– In order to grow our audiences further, perhaps some of our resources should be spent nationally, and internationally, encouraging more and more tourists to come to the city . . . for any reason . . . not just for us. Because when people come to NYC, they take in a show. I Love New York campaigns, Come to the City, etc. could be what helps us break through the records we’re already setting. (In a case of tragic irony, I expect the 9/11 Memorial and the Freedom Tower to add significant numbers of tourists to the city when they are completed.)
There is a coda to this story, and unfortunately it’s not as full of puppy dogs and rainbows as this blog.
Check in tomorrow for another graph, and a somewhat sadder tale.
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Ken created one of the first Broadway podcasts, recording over 250 episodes over 7 years. It features interviews with A-listers in the theater about how they “made it”, including 2 Pulitzer Prize Winners, 7 Academy Award Winners and 76 Tony Award winners. Notable guests include Pasek & Paul, Kenny Leon, Lynn Ahrens and more.