| re: Are Broadway Theaters Merely Halls to be Rented? | |
| Posted by: JohninChicago 04:26 pm EDT 04/29/24 | |
| In reply to: Are Broadway Theaters Merely Halls to be Rented? - WillCall 02:50 pm EDT 04/29/24 | |
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| No, I think the landlords - in the case of the Longacre, that would be the Shubert Organization, owner of the most Broadway theaters, want to rent to productions that they feel have a chance to succeed. They get the majority of their income from a percentage of the gross (that I believe ranges from 6-9%), so they want to rent to shows that will bring in some money for a reasonable time period. In some cases, the landlords are involved in developing the production and may even be co-producers. So, generally, I think there is a lot of creative and marketing judgment involved in their decisions whether to rent or not rent to a particular production. That said, I'm sure simple supply and demand laws play a part and there must be times when landlords go with something they may not be very bullish on, figuring that a few weeks at even low grosses is better than being dark. I believe in most cases, the basic expenses of a theater being open are guaranteed, so if nothing else is on the horizon, there's not a lot of risk in taking what they can get. Other than opportunity cost if something better comes along in the meantime. In this case, given the glut of shows this spring, with nearly every theatre booked, it seems unlikely that the Shuberts didn't have other options. But then again, the Longacre had been dark since Leopoldstadt closed last July, and it is not once of the most desirable Broadway theaters. For years it was known as a house of flops because nothing ever ran for very long there. |
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| Previous: | re: The theater owners choose what shows - ryhog 11:49 pm EDT 04/29/24 |
| Next: | re: Are Broadway Theaters Merely Halls to be Rented? - WillCall 10:07 pm EDT 04/29/24 |
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