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Broadway Show's Risky Instagram Investor Pitch
11 Mar
Summary
- A Broadway show co-writer publicly solicited investors on Instagram.
- This public solicitation may have violated SEC fundraising rules.
- Finding investors is challenging in the current Broadway climate.
Constantine Rousouli, a co-writer and co-star of the Broadway-bound musical 'Titanique,' posted an Instagram story soliciting investment in the show, an action that appears to contravene SEC rules. The offering, managed by Kooky Krazy Broadway Ltd. Liability Co., was filed under a Rule 506(b) exemption, which prohibits public solicitation.
The producers of 'Titanique' stated that they did not issue, approve, or authorize the Instagram post and that it was an unfortunate misstep. The post has since been removed. Securing investment for Broadway productions has become increasingly difficult, even for shows with budgets significantly lower than the $25 million some require.
'Titanique,' a musical parody of James Cameron's film, is slated to open at the St. James Theatre with a cast including Jim Parsons and Frankie Grande. It remains unclear if Rousouli's public appeal successfully raised any funds before its removal, or if any such proceeds would be permissible.
