THEATERGOERS, BROKERS SCOOP UP $849 ‘HAMILTON’ SEATS
Ladies and gentlemen, start your bots. Hamilton tickets go on sale to the general public at 11:10 PM, according to Ticketmaster, presumably minutes after it wins the Tony Award for best new musical.
There’s no evidence that producers over-reached last week with the record $849 tickets they introduced, at least with the best seats, notwithstanding the public relations fallout and implications for theater and elitism. In a “presale” to American Express cardholders, theatergoers and brokers have snapped up many of the $849 tickets near the stage in the center orchestra of the Richard Rodgers. There’s wider availability for $849 seats by the sides and towards the rear. The block is from Jan. 31 to May 21, 2017. (Producer Jeffrey Seller said he’s also increasing the number of $10 seats available via daily lotteries.)
BREGLIO ON PLANNED ‘CHORUS LINE’ REVIVAL, INVESTOR RISK & REWARD, PRODUCER EXCESSES
As Hamilton prepares for a long run and potentially earning hundreds of millions of dollars in profits, joining the ranks of The Book of Mormon and Wicked, Broadway appears to be richer than ever. But John Breglio, a producer and former top-flight entertainment lawyer present at the creation of many landmark shows, said the risk-reward for investors hasn’t changed much in his four and a half decades in the business.
The author of I Wanna Be a Producer (Applause), he notes that the vast majority of shows still fail. “Unless you have a musical that is consistently doing over a million dollars [a week in sales], you don’t really have a hit,” he said over Chicken Paillard at Remi restaurant in midtown Manhattan. Blockbuster musicals offer better reward than in years past, thanks in part to “premium tickets” like the $849 seats Hamilton just introduced, but given escalating budgets, the risk for investors has also increased. And he points out that highly anticipated offerings are accessible only to angels with connections. “You have to know people,” he said.
‘HAMILTON’ SETS BROADWAY RECORD WITH $849 TICKETS
On a bet that Hamilton will remain red hot after composer Lin-Manuel Miranda leaves the cast and a second company opens in Chicago, Broadway producers raised the top ticket price by $300 to a record $849.
The tickets are offered to American Express cardholders for performances at the Richard Rodgers Theatre from Jan. 31 to May 21, 2017. The production’s charging $849 for as far back as the 17th row of the orchestra. For now, that’s below market. Even after July 9, when Miranda leaves the title role, tickets are offered for resale for more than $4,000 via Ticketmaster. Hamilton begins performances in Chicago on Sept. 27 at the PrivateBank Theatre.
‘HAMILTON’ LEADS SEASON TO RECORD SALES & ATTENDANCE; PLAYS PLUNGE
UPDATE WITH DRAMA SALES DECLINE: The Broadway season ended on Sunday with record attendance and sales, thanks to Hamilton. But grosses for plays in 2015-16 retreated 27 percent as star vehicles fell short.
Overall, Broadway sales rose a record 0.6 percent from a year earlier to $1.37 billion, according to the Broadway League. Attendance was up 1.6 percent, another record. Musicals carried the day, led by Lin-Manuel Miranda’s wildly popular cultural phenomenon that’s on track to run for years.
Plays without music were another story. Sales for dramas this past season declined by $66 million to $182 million, according to League statistics. It was the lowest play tally since 2010-11. As in 2014-15, 20 new plays and revivals opened in 2015-16 but they didn’t run as long or command as much. Play attendance fell 14 percent as average admission dropped from $104.46 to $89.59.
Prices for musicals increased slightly, but not enough to compensate for dramas. Broadway’s overall average ticket price fell by $1.07, or 1 percent, to $103.11. It was Broadway’s first price drop since the League introduced its grosses database in 1984-85. The decline doesn’t take into account the four-figure sums Hamilton commands in the secondary market.
BROADWAY SET TO REPORT RECORD GROSSES, LOWER AVERAGE PRICES AS ‘HAMILTON’ & MAGIC SHOWS THRIVE
Broadway’s poised to report its third consecutive season of record sales — by a nose.
With the official 2015-16 season ending on Sunday, grosses are up 0.6 percent from a year earlier to $1.34 billion. Attendance is 1.6 percent higher to 13.02 million, also on track for a record. While Hamilton has generated daily headlines since previews began in July 2015, its sales this season were eclipsed by stalwarts The Lion King and Wicked. That should change as producer Jeffrey Seller and colleagues continue raising ticket prices amid feverish demand.
The average Broadway ticket is on track to decline for the first time in decades. So far this season it’s down by almost a dollar, to $103.24. But given those ever-rising Hamilton prices — not to mention the astronomical numbers in the secondary market, which don’t show up in Broadway League stats — it’s early to cite a trend.
‘BRIGHT STAR’ PRODUCER PLANS PRIORITY LOAN AS FIVE TONY AWARD NOMINATIONS OFFER PRICEY IMPRIMATUR
Tony Award contenders often say it’s an honor to be nominated. For Bright Star, like any struggling nominee, it’s an expensive honor.
Instead of potentially folding after ten slow weeks, Joey Parnes, the lead producer of the original Steve Martin and Edie Brickell musical, is betting on the marketing muscle of its five nominations. The production will borrow money to run at least through the Tonys on June 12, he said, as well as to advertise the nominations and stage a number on the CBS telecast. The last expense typically runs in the six figures.
“It’s not a secret that we’ve been having less-than-robust grosses,” Parnes said earlier in the week. “To say we’re an underdog is an understatement.”
‘MORMON’ PAYS MILLIONS TO WORKSHOP CAST AS ACTORS DEVELOPING NEW SHOWS FIND ROYALTIES IN SHORT SUPPLY
UPDATE to include Hamilton accord: As the cast of Hamilton looks forward to a portion of profits from the blockbuster, The Book of Mormon has paid its workshop actors about $3 million to-date for helping to develop that Broadway smash.
The estimate of royalties is based on financial results for Mormon obtained from the office of New York Attorney General Eric Schneiderman via a Freedom of Information Law request. (Royalties include only the Broadway production, as data from the London production and two national tours weren’t made available.) Chris Boneau, a Mormon spokesman, declined to comment.
‘HAMILTON’ RECOUPS, SETS $549 TICKET RECORD, EXCLUDES GROUP SALES AS SECONDARY MARKET EXPLODES
EXCLUSIVE: Hamilton, the Broadway blockbuster endorsed by the president and first lady, has repaid its investors.
Two people with direct knowledge of the musical’s finances confirmed that it recouped its $12.5 million capitalization. Normally, producers announce when a show breaks even, but Hamilton, “the hardest ticket to get on the planet,” as Michelle Obama put it, has little to prove. Since recouping it’s already begun distributing profits, according to one production source. Reached by phone Friday morning, Sam Rudy, a spokesman for the show said: “I’m not aware that we’ve recouped,” adding that he would check with the producers.
