Broadway is poised to shatter box office records this season, and last week’s gross figures reveal a fascinating story beneath the surface.
While it’s true that the most lucrative holiday period has come to an end, Broadway is still on track to achieve remarkable financial success this year.
Let’s start with the less favorable news: Broadway ticket revenues experienced a steep decline of over 34% last week, with the 31 shows currently in performance generating $34 million, in stark contrast to the previous week's impressive $52 million. However, before you jump to conclusions, it's essential to understand that this drop was anticipated. The decrease can be attributed to the fact that the previous week included both New Year's Eve and New Year's Day—two of the busiest and highest-grossing periods in Broadway's calendar, alongside Christmas. Even though attendance numbers also dipped, the primary reason for the decline in gross revenue was the shift away from premium holiday pricing. Last week, the average ticket price fell from $166 during the holidays to $126—a significant reduction, yet still a respectable amount.
Additionally, it's crucial to consider the typical seasonal trend where Broadway often sees show closures after the holiday season. This pattern inevitably impacts overall gross figures. In fact, just last week, two fewer productions were running compared to the prior week, resulting in 20 fewer performances available for ticket sales. This naturally contributes to the financial dip we've observed. On a brighter note, this year Broadway didn’t face as many closures as it usually does during this time, which is encouraging news. Some shows, like "The Queen of Versailles," closed before the holidays; nonetheless, the fall season has generally shown robust performance.
Now, let’s delve into the exciting part: when we look at the broader season’s performance, we see an encouraging trend. Up until now, Broadway has consistently outperformed last year's figures, putting it on track to eclipse even last year's record-breaking totals. Although there was a slight narrowing of the gap between this season and the last—now down to almost 8.5%—we are still in a strong position as we approach the spring months.
Not surprisingly, the top five earners were the familiar crowd-pleasers, led by "Harry Potter and the Cursed Child," which garnered $2.65 million. Following closely were "Hamilton" with $2.18 million, "Wicked" at $2.07 million, "Mamma Mia!" with $1.78 million, and "The Lion King" bringing in $1.71 million.
For further details, check out the complete report here.
The $1 Million Club includes those productions that managed to earn $1 million or more at the box office last week:
- Harry Potter and the Cursed Child ($2.65 million)
- Hamilton ($2.18 million)
- Wicked ($2.07 million)
- Mamma Mia!
- The Lion King
- Chess
- Stranger Things: The First Shadow
- Just In Time
- Ragtime
- MJ The Musical
- The Great Gatsby
- Aladdin
- Death Becomes Her
- The Outsiders
- Maybe Happy Ending
This list represents 15 out of the 31 productions currently showing.
Next, we have the 90s Club, showcasing those shows that filled at least 90% of their seats throughout the week:
- Just in Time (102.83%)
- Hamilton (100.56%)
- Mamma Mia! (100.36%)
- Hadestown (100.35%)
- Stranger Things: The First Shadow (100.06%)
- Ragtime (100%)
- Wicked (100%)
- Harry Potter and the Cursed Child
- Bug
- Marjorie Prime
- The Outsiders
- Oh, Mary!
- The Lion King
- Chess
- Aladdin
- Buena Vista Social Club
- Maybe Happy Ending
- Oedipus
- Death Becomes Her
- The Great Gatsby
- The Book of Mormon
In total, 21 of the 31 productions fit into this high-attendance category.
