Five years after the COVID-19 pandemic shuttered theaters, Broadway is experiencing a significant recovery, with attendance reaching 95% of pre-pandemic levels. Shows like "Oh, Mary!" and "Wicked" have proven successful, boosting overall revenue. All 41 Broadway theaters are operational.
Despite high attendance, Broadway theaters face decreased profitability due to increased production costs. This challenge underscores the financial strain on the industry despite the resurgence of audiences.
Beyond Broadway, the situation is less optimistic. While touring Broadway shows are performing well, nonprofit theaters and regional companies are struggling financially. Many are operating with budget deficits, producing fewer shows, and attracting smaller audiences than before the pandemic. They have depleted the government assistance received during the height of the crisis.
It was five years ago today — March 12, 2020 — that the widening coronavirus pandemic forced Broadway to go dark, museums to shut their doors, concert halls and opera houses to go silent and stadiums and arenas to remain empty.
At the time, they hoped to reopen in a month. It took many a year and a half.
Since live performances resumed, the recovery has been uneven, but there are signs that audiences are finally coming back. Here’s a snapshot of where things stand:
It’s been a slow road back for Broadway, but the industry is finally nearing its prepandemic levels. Attendance so far this season is at about 95 percent of what it was at the same point in the 2018-2019 season, its last full season before the pandemic, when it was setting records.
“Oh, Mary!” has been a surprise hit this season, reminding the industry that shows can work without known I.P. or famous stars. “Wicked” is defying gravity thanks to the renewed interest brought by the film adaptation. For the first time since 2018, all 41 Broadway theaters have had shows in them this season. And there are more shows than usual regularly grossing more than $1 million a week.
But — and this is a big but — profitability is down. That’s because the costs of producing on Broadway keep rising, so even reasonably strong ticket sales are not enough.
Beyond Times Square, the picture is decidedly mixed. Touring Broadway shows have been selling quite strongly. But nonprofit theaters, both Off Broadway and in cities across the country, are struggling. Having burned through the government assistance that came at the height of the pandemic, many regional theaters are now reporting budget deficits and are programming fewer shows and attracting smaller audiences than they did previously.
— Michael Paulson
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