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Broadway - Source: Reuters
Wall Street may be in a slump as the global economic slump
grinds on, but 6.4 km north in midtown Manhattan, Broadway theatres
continue to lure crowds as they have for decades during times of
recession.
Some people might find it hard to believe Broadway has proven so
resilient in the face of rising unemployment and record losses at
some of the biggest US corporations.
Half a year ago, predictions for Broadway were dire.
The gloomier newspaper headlines included "Broadway braces for
recession fallout" and "Recession to finally kill Broadway."
So far there are no signs that Broadway - which survived the
post-September 11 economic slump and a lengthy strike by stagehands
in 2007 - is dead.
Charlotte St Martin, executive director of The Broadway League
industry group, said she has analyzed 30 years of attendance data
for Broadway houses during recessionary periods and concluded that
New York's theatre row has been virtually impervious to economic
declines.
"What that tells me is that when there's great product, people go
to the theatre," she said.
"When there's not great product, they don't go to the
theatre."
St Martin said many Americans may be scrapping plans for vacations
in Europe or elsewhere and travelling instead to New York City to
see Broadway shows where they can enjoy a several-hour "escape from
reality."
Time Out New York theatre critic Adam Feldman said a wave of rave
reviews and the limited size of New York's theatre industry were
both helping to keep it buoyant.
"Broadway is a fairly small industry in some ways," he said.
"We're talking about theatres that only seat a limited number of
people serving a fairly resilient industry."
Among the most successful new productions is a revival of the 1967
tribal rock musical Hair.
It has grossed over US$7 million since performances began in March, according to Broadway League data.
A new revival of the 1957 musical West Side Story has pulled in
nearly US$13 million since January.
Tourists account for the majority of their audiences, St Martin
says, adding that US and foreign tourists make up an estimated 65%
of Broadway's public.
Leaner business model
There is also the star factor.
"I don't ever remember a season where you've had as many Academy
Award winning, Emmy Award winning, Tony Award winning stars on
Broadway," St Martin said.
"So even if the shows aren't well known, a lot of the stars
are."
Feldman says producers staging plays at one of the several dozen
Broadway venues in New York's theatre district are also becoming
more conservative as the economic crisis continues and have turned
to a new business model.
Instead of investing US$10-15 million in a big new musical in the
hopes of making US$100 million back, producers are investing US$3
million into a play and hoping to earn back US$4 million.
"That means produce a show conservatively," he said.
"You produce a good show that will create buzz and enthusiasm,
that will sell out its planned limited run, and pack it with stars,
good stars, that will bring people in."
Two examples of this new more conservative model are a revival of
Eugene Ionesco's absurdist drama Exit the King, starring
Oscar-winners Geoffrey Rush and Susan Sarandon and Yasmina Reza's
hit comedy God of Carnage, starring Emmy Award winner James
Gandolfini and Jeff Daniels.
Both productions received rave reviews and continue to play to near
sell-out audiences' months after opening.
Not all Broadway productions are doing well, though.
A few shows that received good reviews are having trouble drawing large crowds because there are so many plays on Broadway to choose from.
That, St Martin says, is "business as usual."
