The stock market’s been doing that thing it’s been doing lately, and whispers of the “R” word (Recession) are making their rounds. 

Naturally, the question arises: What does this mean for Broadway?​

Conventional wisdom might suggest that in tough economic times, people cut back on luxuries. And Broadway might seem like a prime candidate for the chopping block.​

But Broadway isn’t just a luxury, it’s a lifeline.​

Historically, Broadway has shown remarkable resilience during economic downturns. 

So let’s look at the last three U.S. recessions and what Broadway was doing at that time: 

1. Early 1990s Recession (July 1990 – March 1991)

• 1990–91 Broadway season gross: $430 million

• 1991–92 season gross: $441 million

• Change: +2.6%

Broadway grosses increased slightly, despite a national economic slowdown and the Gulf War. This may be attributed to continued tourism to NYC and the opening of long-running, high-spectacle shows like Miss Saigon.

2. Dot-Com Recession / Post-9/11 (March – November 2001)

• 2000–01 season gross: $666 million

• 2001–02 season gross: $643 million

• Change: −3.5%

This recession coincided with 9/11, which caused a brief Broadway shutdown. The industry bounced back quickly, aided by local and patriotic support. The loss was modest, compared to what might have been expected. Shows like The Phantom of the Opera, Les Misérables, and The Lion King were on the Broadway scene at this time. 

3. Great Recession (December 2007 – June 2009)

• 2006–07 season gross: $939 million

• 2007–08 season gross: $937 million

• 2008–09 season gross: $943 million

• Change (over recession period): +0.4%

Broadway again held steady. Strong shows like Wicked and Jersey Boys carried the box office. There was some softness in tourist-driven spring months, but aggressive discounting and smart programming (e.g., Billy Elliot and West Side Story) helped maintain stability.

While other industries see significant declines during recessions, Broadway experiences only minor dips. 

Why? 

Because in challenging times, people seek connection and escapism (which is exactly what Broadway delivers). Many of the most beloved musicals emerged during difficult times.

So, if you’re concerned about how a potential recession might impact Broadway, take heart. The theater community is adaptable, innovative, and, above all, resilient. 

We’ve weathered storms before, and we’ll do it again.