Broadway in for some troubling times
Broadway shows are filling up slower than ever before, as the immediate impact of the financial crisis starts to hit home. Sales are down, revenue is down, and some shows are shaky ground. There are reports of shows planning an early end to the season, and the deferment of some shows. Spamalot, Hairspray, Legally Blonde and Xanadu are all heading for an early finish, whilst Harry Connicck Jnr's new show has been put on ice indefinitely.
The Independent reports that it is starting to hit London's West End as well.
As audiences cut back on spending, at least six other major Broadway shows are now operating at below break-even, while four that were scheduled to open this year – including a $4.5m revival of Godspell – have been suddenly cancelled after investors got cold feet. And there are signs that the infection is spreading to London's West End.
The Take That musical, Never Forget, will close prematurely next month, along with the musical spoof Eurobeat. Avenue Q, the award-winning hit featuring puppets, was taking bookings until the end of next April, but will now close a month earlier. Plays such as Girl with a Pearl Earring and Riflemind have already been pulled.
"Shows that should be running for longer are closing early," said Michael Reidel, theatre columnist for the New York Post. "For the last 10 years, the industry has been living off the back of European and Asian tourists coming here, because the dollar has been so weak. Now it's stronger, they're disappearing. And ticket prices have got so high that most New Yorkers are priced out of the market."
The financial crisis is hitting everyone, and the disposable dollar is now much reduced. Entertainment budgets are now reduced, so, for the time being, this is one troubled time for the industry to ride out, until things start to look up, and confidence returns.
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October 26th, 2008 at 6:40 pm
D:
See, all shows close sometime. This is a given and I understand this.
But this is everything worth seeing closing at once. Spring Awakening is closing too. Rent just closed in September, [title of show] closed earlier this month.
Now what do we have? Disney, tourist traps, and In the Heights?