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Broadway Producer Shares Insider Secrets to Reviving the Stage Industry
1 Oct
Summary
- Broadway theaters see record $1.89 billion in sales last season
- Producing a show has never been costlier, with need to raise millions
- Tax credit that helped Broadway recover may expire, adding to challenges
In the aftermath of the COVID-19 pandemic, the Broadway theater industry is experiencing a remarkable resurgence, with record-breaking $1.89 billion in sales last season. James L. Nederlander, a third-generation Broadway impresario and president of the Nederlander Organization, has a front-row seat to this comeback.
Nederlander, who regularly dons a disguise to observe the patron experience at his nine Broadway theaters, is pleased to see audiences returning in force. However, he acknowledges that the cost of producing a show has never been higher, with the need to raise millions of dollars per production. Adding to the industry's challenges is the potential expiration of a tax credit that helped Broadway recover from the pandemic's devastating impact.
Despite these obstacles, Nederlander remains optimistic about the future of the stage industry. He believes that audiences are willing to pay high ticket prices to see renowned actors like Denzel Washington, George Clooney, and Kieran Culkin perform live. Nederlander is actively seeking to collaborate with creative talents like Paul McCartney, Pink, and Steven Spielberg to bring new and exciting productions to Broadway.
