Broadway's future set on diversity as industry aims to 'maximize income': Producer
The show must go on ... but what will it look like?
After nearly two years of COVID-induced shutdowns, a labor force that's dwindled, and a slowdown in ticket sales, Broadway "is definitely going through a challenging period," said Ron Simons, a four-time Tony award–winning producer and one of only a handful of Black producers on Broadway.
But Simons told Yahoo Finance that there's a light at the end of the tunnel, explaining that the industry's future hinges on attracting diverse ticket buyers with equally diverse productions — an "untapped" opportunity amid the current market.
"Everyone needs to maximize income," Simons said, emphasizing that, by not catering to various types of audiences, Broadway is leaving money on the table.
He added that he sees increased diversity "as a permanent change" in the post-COVID world, citing this past Broadway season as a particularly "phenomenal" year for diverse stories.
In fact, all seven plays that hit the New York City stages this season (not including musicals) were penned by Black playwrights — a "historic" feat, according to Simons.
Charlotte St. Martin, president of national trade association The Broadway League, agreed that diversity in topics, talent, and stories is the way of the future, acknowledging that "Broadway has been changing."
She predicted a "vibrant" industry in the years to come, telling Yahoo Finance, "There's no question that the racial reckoning that we experienced a couple of years ago opened up theaters for playwrights of color and shows with topics of interest to people of color — that's going to be great for Broadway."
Still, as Broadway legends look ahead to the future, industry insiders say there are a few structural components that need to change.
"Everyone needs to maximize income and find different types of audiences that we can promote and advertise to..."Ron Simons, Tony-award winning producer
According to The Broadway League, average attendance across the industry's 31 shows came in at 85% last week — down from pre-COVID levels of 94%. Grosses recovered slightly, hitting $31.5 million versus the prior week's $29.5 million.
Various hurdles, including record-high inflation and an older population still fearful of COVID-19, have slowed down theatrical attendance across the board.
Slowing sales have meant the closure announcements of award-winning shows like "Dear Evan Hansen," "Tina — The Tina Turner Musical," and "Come From Away."
"It's part of this whole new world — shows that we're selling out pre-COVID are now struggling and posting closing notices," Simons said, noting "a reticence in the marketplace."
Still, St. Martin cautioned that this is not the time to panic.
"I never want to lose Tony Award-winning and Tony-nominated shows but it's not uncommon," she revealed.
"It doesn't mean that Broadway is failing. It's just it's the cycle of business."
'Broadway ain't going anywhere'
As attendance struggles to reach pre-COVID levels, Simons argued that dynamic pricing is everything.
"What we really need to get better at doing is making sure that there is a wide range of ticket prices that will not lock people out of buying a ticket," he said, underscoring that his team has focused on group ticketing and discount codes, in addition to selling tickets at New York's TKTS Discount Booths.
The producer went on to say that other price adjustments are needed at an industry-wide level, as well.
"Ticket prices are so high because the cost of doing business is equally inflated," he disclosed. "There needs to be a fundamental change in the cost structure for us to get to the new Broadway."
Despite the industry's various challenges, Broadway League's St. Martin reiterated her confidence in its recovery.
"Broadway is rebuilding ... but I don't think there's any doubt that we'll get [back to pre-COVID levels.] There's nothing like live entertainment, and history has certainly shown that the last 20 years," she said.
Simons agreed, stating simply, "Broadway ain't going nowhere."
Alexandra is a Senior Entertainment and Food Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at alexandra.canal@yahoofinance.com
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