What does the Bitcoin frenzy mean for Broadway?
Here’s something only a handful of people know: a few investors of mine have used Bitcoin to invest in one of my shows.
It was something we were going to release when it happened because I thought it was a sign of something to come. Turns out it was.
We ended up not releasing the news because, well, the investment didn’t work out so well. (sigh)
But the investments happened. And I’m pretty sure that it was the first-ever Bitcoin investment in a Broadway show.
But it doesn’t look like it’s going to be the last.
The idea for taking the investment came from one of my investors, actually. She also advised me to buy some. I did. And it dropped. And I sold it.
(Side note . . . it turns out that “buy and hold,” which is what every savvy financial advisor since the invention of financial advisors has advised, is a decent strategy.)
Bitcoin is back in the news, especially with yesterday’s revelation that the world’s 2nd most infamous tweeter, Elon Musk, announced Tesla invested over a BILLION DOLLARS in the cryptocurrency.
What does this mean for Broadway? And Broadway investing?
Will you be able to buy tickets for Broadway shows with Bitcoin? Could SeatGeek, the new ticketing platform on Broadway, be the first to accept this alt-coin?
If Football players can get paid in Bitcoin, will certain Broadway stars want their cash in ‘coin?
And more investors jump on the train that my investors choo-chooed and invest in Broadway shows with alt-currency?
The answer to all these questions is Yes.
But not for a while.
Broadway doesn’t move as fast as electric car companies, or national sports leagues. We’re slower to adopt new technologies.
Which is too bad, really.
Because look what Forbes Advisor, Taylor Tepper says about investing in Bitcoin:
“But when it comes time to actually plan out your future, it is something that should be viewed as a speculative bet as opposed to one that you can really rely on. You should go into that with every pretense of ‘this money could be worth nothing tomorrow.’ So that is money that you can afford to lose.”
This is the same thing I tell my new investors before they write a check. And it’s what I recommend new producers tell their investors as well.
So . . . there could be a crossover in risk appetite between Bitcoin investors and Broadway!
The big difference between Broadway investing and Bitcoin? Well, you can invest ANY amount of money in Bitcoin . . . you don’t need to buy a full coin (now over $40,000 – thanks Mr. Musk!).
While it is possible to purchase partial shares of Broadway shows, those partials very rarely go below $10,000. My crowdfunded Godspell was that rare experiment that allowed the micro investor to get involved.
That proved, and this Bitcoin phenomenon proves, that keeping your investment minimums high may not be the way to raise the most money.
What about you? Do you own Bitcoin? Are you considering it? Would you also invest in a Broadway show? Are the two similar to you?
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If you’re looking to learn more about how I crowdfunded Godspell, check out the courses on investing and raising money in the TheaterMakersStudio. For less than the cost of a ticket to see a Broadway show, you can learn how to raise the total cost of that same Broadway show.
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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.