Broadway Journal

‘LITTLE SHOP’ UNIONIZES, OVERCOMING PRODUCER PUSHBACK

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Production workers at Little Shop of Horrors  have unionized. Producers of the off-Broadway musical had sought to delay an election and disputed the eligibility of two crew members to cast ballots.

The vote was 16 in favor of joining the International Alliance of Theatrical Stage Employees (IATSE) and one opposed, according to a National Labor Relations Board filing. On Friday, the NLRB certified IATSE as the collective-bargaining representative of 26 full-time, part-time and on-call Little Shop  workers, in audio, video, carpentry, wardrobe, hair and makeup. Six to eight crew members work any given performance, the producers said in a filing.Continue Reading

BEHIND THE BIG PROFITS AT ‘LITTLE SHOP’ (EXCLUSIVE)

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After opening red hot in October 2019, Little Shop of Horrors at the Westside Theatre had a rough second half of 2022.

Box office sales fell short of the revival’s $180,000 to $200,000-a-week running costs in 27 of the final 31 weeks of the year. Operating losses for Alan Menken and Howard Ashman’s plant-based off-Broadway musical comedy, set in a Skid Row flower shop, totaled $734,000 over the seven months ended Jan. 1, 2023.

Such shortfalls can lead to closing notices. Instead, the producers distributed $1.2 million of profit to themselves, their investors and co-producers. That was on top of $1.9 million of profit paid out over the previous 15 months.Continue Reading

SEC PROBES BIG BROADWAY FUND’S ‘OUTSIZED’ RETURNS (EXCLUSIVE)

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By their own account, the founders of the Broadway Strategic Return Fund turned an overlooked investment niche into a bonanza.

Hunter Arnold, John Joseph and Curt Cronin established their hedge fund in January 2016 to invest in U.S. and U.K. live theater productions, plus tours, cast recordings and other ancillary businesses. With “few professional investors participating through a highly organized and disciplined investment process,” the fund’s Sept. 30, 2021 Due Diligence Questionnaire said, the founders believe “there is an untapped opportunity for outsized profits.”

The year-old marketing document declared, “$100,000 invested at [the] fund opening is currently valued at $416,280.” That’s double the rate of return of the Standard & Poor’s 500 Index over the same period — a remarkable result for an industry in which roughly 80 percent of commercial theater productions fail to fully repay their investors, let alone turn a profit.Continue Reading

WILL ANGELS IN AMERICA MAKE ‘BACK TO THE FUTURE’ A BLAST ON BROADWAY? (EXCLUSIVE)

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More than three decades after the chandelier first plunged at Phantom of the Opera and a helicopter flew out of Miss Saigon, a souped-up DeLorean will star in a planned Broadway transfer of the Olivier Award-winning musical Back to the Future.

Producer Colin Ingram is in talks to bring a big-budget adaptation of the 1985 Michael J. Fox blockbuster to a Shubert house next summer, people familiar with the London hit said. Last week, Ingram filed paperwork with the Securities and Exchange Commission to raise $23.5 million for the Broadway production.  Co-producers of the show on the West End, which has been running for nine months and recently extended to February 2023, include the Frankel-Baruch-Viertel-Routh group, Hunter Arnold and Gavin Kalin — all familiar names around the Main Stem.Continue Reading

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