UPDATES FOR READERS OF “THE BUSINESS OF BROADWAY”
January 1, 2016
TWO BIG NEWS ITEMS THIS MONTH! – A new theatre and new investment tax rules. This info will be added to our book if there is a revised edition printed (a few years from now?)
Chapter 22, 26 (Broadway theatres):A 41st THEATRE ON BROADWAY: West 44th Street between 6th & 7th Avenues will welcome a new Broadway theatre toward the end of 2016 after a $10+ million dollar renovation. The Hudson has been used as an event/industrial hall for many years but will now join the ranks of Tony-eligible legitimate theatres. It originally opened in 1903 and was a Broadway theatre for a while during its long history. It will offer about 950 seats when its finished, putting it on the smaller side of many theatres but still significantly better than the smallest (Helen Hayes Theatre). The owners (Ambassador Theatre Group) already owns the very large Lyric Theatre on West 42nd St.
Chapter 10 (Investors & Producers): INVESTORS REJOICE: The laws have finally changed allowing investors better tax deductions! The film and television industry have always had a leg up on Broadway investments, allowing investors to deduct losses differently. And investors had to pay taxes on Broadway profits even if they had not received a check. That will now change and after decades of trying to even the playing field with film/tv investments, Broadway investors will have new rights and advantages. More to come as the entertainment lawyers start explaining the details to the rest of us.
- a) 2015 made a financial splash at holiday time, but didn’t reach the heights of 2014. Many of the long-running shows approached bos office grosses of $1.5 to 2 million week. Some played a 9 show week, but others just raised their ticket prices. Either way, Broadway hits are doing great. There is still an 80% chance of losing all the investment money on a Broadway show. But the hits are making a fortune!
- b) As always at this time of year, a number of Broadway shows will shutter (close) on the first weekend of the new year (4 shows this year) with a few more closing in the next few weeks. January is a SLOW time for tourists and one of the worst months for theater in NYC. It’s a great time to find discounts and it is “normal” for struggling shows to close after the Christmas/New Year week boom.
- c) 17 shows (new & revivals) will be officially opening on Broadway this spring (in time to qualify for Tony nominations):
Jan 14: Noises Off (American Airlines Theatre)
Jan 20: Our Mothers Brief Affair (Friedman Th.)
Feb 18: The Humans (Helen Hayes Th.)
Feb 25: Hughie (Booth Th.)
March 6: Eclipsed (Golden Th.)
March 8: Disaster (Nederlander Th.)
March 10: Blackbird (Belasco Th.)
March 24: She Loves Me (Studio 54)
March 31: Bright Star (Cort Th.)
April 7: The Crucible (Walter Kerr Th.)
April 12: The Father (Friedman Th.)
April ??: American Psycho (Schoenfeld Th.)
April 17: Tuck Everlasting (Broadhurst Th.)
April 19: Long Day’s Journey Into Night (American Airlines Th.)
April 24: Waitress (Brooks Atkinson Th.)
April 25: Fully Committed (Lyceum Th.)
April 28: Shuffle Along (Music Box Th.)