| "BEAUTIFUL - THE CAROLE KING MUSICAL" RECOUPS | |
| Posted by: | Official_Press_Release 11:11 am EDT 09/15/14 |
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| ONE FINE DAY! “BEAUTIFUL – THE CAROLE KING MUSICAL” BECOMES THE FIRST NEW MUSICAL OF 2013-14 SEASON TO RECOUP ON BROADWAY SMASH HIT CONTINUES TO BREAK BOX OFFICE RECORDS AT STEPHEN SONDHEIM THEATRE New York, NY (September 15, 2014) – Producers Paul Blake and Sony/ATV Music Publishing are thrilled to announce that the Tony Award-winning hit Beautiful—The Carole King Musical, about the early life and career of the legendary and groundbreaking singer/songwriter, has recouped its production costs in less than ten months on Broadway. Capitalized at $13 million, Beautiful has been breaking box office records at the Stephen Sondheim Theatre (124 West 43rd Street) since it opened in January and now becomes the first new musical of the 2013-2014 Season to recoup. “Beautiful has become a bonafide phenomenon and we couldn’t be more pleased and proud,” producer Paul Blake said. With a book by Tony® and Academy® Award-nominee Douglas McGrath, direction by Marc Bruni and choreography by Josh Prince, Beautiful features a stunning array of beloved songs written by Gerry Goffin/Carole King and Barry Mann/Cynthia Weil. As previously announced, the show will expand to London, with a West End production opening at The Aldwych Theatre in February 2015, and will also launch a U.S. National Tour in September 2015. The current Broadway cast of Beautiful includes Tony® Award-winner Jessie Mueller as ‘Carole King’, Jake Epstein as ‘Gerry Goffin’, Tony® Award-nominees Anika Larsen and Jarrod Spector as 'Cynthia Weil' and 'Barry Mann', Jeb Brown as 'Don Kirshner', Tony® Award-nominee Liz Larsen as 'Genie Klein', and an ensemble that includes Ashley Blanchet, Andrew Brewer, E. Clayton Cornelious, Joshua Davis, Alysha Deslorieux, Kevin Duda, James Harkness, Carly Hughes, Sara King, Rebecca LaChance, Douglas Lyons, Gabrielle Reid, Rashidra Scott, Sara Sheperd, Yasmeen Sulieman, Daniel Torres, Melvin Tunstall and Alan Wiggins. The Original Broadway Cast Recording of Beautiful – The Carole King Musical (Ghostlight Records) is available on CD, digitally, and on vinyl and can be purchased at http://www.sh-k-boom.com/, iTunes, Amazon, or wherever CDs are sold. *** Long before she was Carole King, chart-topping music legend, she was Carol Klein, Brooklyn girl with passion and chutzpah. She fought her way into the record business as a teenager and, by the time she reached her twenties, had the husband of her dreams and a flourishing career writing hits for the biggest acts in rock ‘n’ roll. But it wasn’t until her personal life began to crack that she finally managed to find her true voice. Beautiful tells the inspiring true story of King’s remarkable rise to stardom, from being part of a hit songwriting team with her husband Gerry Goffin, to her relationship with fellow writers and best friends Cynthia Weil and Barry Mann, to becoming one of the most successful solo acts in popular music history. Along the way, she made more than beautiful music, she wrote the soundtrack to a generation. The creative team, which will reprise their work for the West End and touring productions, also includes Derek McLane (Set Design), Alejo Vietti (Costume Design), Peter Kaczorowski (Lighting Design), Brian Ronan (Sound Design), Charles G. LaPointe (Wig and Hair Design), Steve Sidwell (Orchestrations and Music Arrangements), Jason Howland(Music Supervision) and John Miller (Music Coordination). Ticket prices for Beautiful range from $99 - $169 and are available for purchase via Telecharge.com, but calling 212-239-6200, or in person at the Sondheim Theatre box office. Beautiful plays the following schedule: Tuesdays – Thursdays at 7:00 PM, Wednesdays at 2:00 PM, Fridays at 8:00 PM, Saturdays at 2:00 PM & 8:00 PM, and Sundays at 3:00 PM. Beautiful - The Carole King Musical is produced on Broadway by Paul Blake, Sony/ATV Music Publishing, Jeffrey A. Sine, Richard A. Smith, Mike Bosner, Harriet N. Leve/Elaine Krauss, Terry Schnuck, Orin Wolf, Patty Baker/Good Productions, Roger Faxon, Larry Magid, Kit Seidel, Lawrence S. Toppall, Fakston Productions/Mary Solomon, William Court Cohen, John Gore, BarLor Productions, Matthew C. Blank, Tim Hogue, Joel Hyatt, Marianne Mills, Michael J. Moritz, Jr., StylesFour Productions, Brunish/Trinchero, and Jeremiah J. Harris. | |
| Link | http://www.BeautifulonBroadway.com |
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| $13m I didn't think it would be that high | |
| Posted by: | dramedy 12:38 pm EDT 09/15/14 |
| In reply to: | "BEAUTIFUL - THE CAROLE KING MUSICAL" RECOUPS - Official_Press_Release 11:11 am EDT 09/15/14 |
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| I guess the out of town tryout added a million or two to the budget. | |
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| re: $13m I didn't think it would be that high | |
| Posted by: | BroadwayTonyJ 03:36 pm EDT 09/15/14 |
| In reply to: | $13m I didn't think it would be that high - dramedy 12:38 pm EDT 09/15/14 |
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| Not surprising. Beautiful has been running over 42 weeks, and its grosses have averaged just a hair under $1 million/week. I'm puzzled about Matilda. It has run over 79 weeks with an average gross of $1.148 million/week, and to my knowledge there has been no announcement regarding recoupment. | |
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| It has grossed $38 million... | |
| Posted by: | garyd 04:42 pm EDT 09/15/14 |
| In reply to: | re: $13m I didn't think it would be that high - BroadwayTonyJ 03:36 pm EDT 09/15/14 |
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| as of this week. (37 weeks). So if it just recouped the $13million, then the weekly nut is pretty far north of $600,000. | |
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| re: It has grossed $38 million... | |
| Posted by: | BroadwayTonyJ 04:52 pm EDT 09/15/14 |
| In reply to: | It has grossed $38 million... - garyd 04:42 pm EDT 09/15/14 |
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| According to Broadway World, Beautiful has been running 42+ weeks (includes previews) with a $42,662,422 total gross. So just under $1 million per week average. | |
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| You're right... | |
| Posted by: | garyd 05:02 pm EDT 09/15/14 |
| In reply to: | re: It has grossed $38 million... - BroadwayTonyJ 04:52 pm EDT 09/15/14 |
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| My mistake. I was only looking at the 2014 gross instead of the total. The weekly nut still appears to be way north of $650,000 when you subtract the $13million and divide by 43. I realize this is an inaccurate way to do it but close enough for a conversation. | |
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| re: You're right... | |
| Posted by: | BroadwayTonyJ 05:08 pm EDT 09/15/14 |
| In reply to: | You're right... - garyd 05:02 pm EDT 09/15/14 |
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| Beautiful is a fairly small show compared to Cinderella, Motown, or even Matilda. I think $650,000 would be accurate. It's all that other stuff that you have to add to the nut (that dramedy understands but I don't so I just trust him) that makes it take longer for a show to recoup. | |
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| re: You're right... | |
| Posted by: | garyd 05:13 pm EDT 09/15/14 |
| In reply to: | re: You're right... - BroadwayTonyJ 05:08 pm EDT 09/15/14 |
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| Oh I know. Royalties, fees, rent, etc. I get it. I have never seen the package on this but I think it is fair to assume the music royalties alone are fairly steep. Again, I am not privy to the specifics for this show. | |
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| Many shows, it's around 40% above nut goes to fees | |
| Posted by: | dramedy 07:13 pm EDT 09/15/14 |
| In reply to: | re: You're right... - garyd 05:13 pm EDT 09/15/14 |
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| So only 60% would go to investors. It's probably around $500k nut. So an average of $1m would leave $500 above nut, take 60% of that is $300k multiple by 42 weeks is close to $13m. | |
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| Oops, forgot to take the. 8% fee off the $1m weekly | |
| Posted by: | dramedy 07:18 pm EDT 09/15/14 |
| In reply to: | Many shows, it's around 40% above nut goes to fees - dramedy 07:13 pm EDT 09/15/14 |
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| So that drops the nut to be just above $400k in very rough calculations and guesses. I would think the show is probably running in the $450k range as guess. But definitely less than your $690k statement. | |
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| re: Oops, forgot to take the. 8% fee off the $1m weekly | |
| Posted by: | garyd 07:34 pm EDT 09/15/14 |
| In reply to: | Oops, forgot to take the. 8% fee off the $1m weekly - dramedy 07:18 pm EDT 09/15/14 |
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| Yes, my number is very high. I was just doing basic subtraction and division and lumping everything in the "nut" which I realize is overstating. What do you usually include in "fees" by the way? It is fun to speculate but, without the actual investor sheets, it's all just talk. | |
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| Fees | |
| Posted by: | dramedy 08:17 pm EDT 09/15/14 |
| In reply to: | re: Oops, forgot to take the. 8% fee off the $1m weekly - garyd 07:34 pm EDT 09/15/14 |
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| The 8% is a combination of league fee and credit card fees. Sometimes they are broken out and they do vary, but most are around 8 Then the 40% estimate above nut is theater rental and royalties for creative team-authors, composers, set design, costumes, director, choreographer, etc. I can't remember If the manager gets a flat weekly fee or percentage. after the show recoups, that overall percentage goes up 5-10%. | |
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| Thanks.... | |
| Posted by: | garyd 08:52 pm EDT 09/15/14 |
| In reply to: | Fees - dramedy 08:17 pm EDT 09/15/14 |
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| Yeah, those are what I usually throw into the fees category. You never know about the various royalty pools however. There have been occasions when set designers, costumes, and some others do not have a participation clause. In addition the percentage rate varies from show to show so all we can do, if not an investor, is use the benchmark minimums. I think, though I am sure there are exceptions, that stage management is a flat salary and considered part of the nut. I am truly not sure about that anymore. | |
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| re: You're right... | |
| Posted by: | BroadwayTonyJ 05:29 pm EDT 09/15/14 |
| In reply to: | re: You're right... - garyd 05:13 pm EDT 09/15/14 |
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| One think I have noticed over the last few years is that when a show around the size of Beautiful consistently grosses $1 million/week, it definitely recoups in around 9 months to a year. Beautiful took around 10 months (which makes sense). The scary thing is that the weekly nut (plus the other stuff) keeps getting higher all the time. | |
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| I'm surprised the show cost that much | |
| Posted by: | dramedy 04:21 pm EDT 09/15/14 |
| In reply to: | re: $13m I didn't think it would be that high - BroadwayTonyJ 03:36 pm EDT 09/15/14 |
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| Not so much the recouping. I think the royal Shakespeare company is taking a large percentage for royalties. When it was first coming to ny, there were stories about would be investors getting a raw deal. I assume part of that deal is a bigger percentage of royalties so less going back to investors. Since rsc is also an investor, they probably have made their money back by drawing royalties and profits. The dodgers may not have yet. I'm sure they are getting some of the tour money. | |
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| I know, it does seem high. | |
| Posted by: | garyd 01:09 pm EDT 09/15/14 |
| In reply to: | $13m I didn't think it would be that high - dramedy 12:38 pm EDT 09/15/14 |
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| Especially in light of what was published for "Big Fish" ($14 million and which also had out of town tryout) ) and "Bullets Over Broadway" (between $14 and $15 million). I realize all shows are different,(before ryhog gets all twitchy reminding us there are "no rules") but it does seem high considering what is on-stage. I dunno. Perhaps my disdain for the show is coloring my reaction. Probably. | |
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