Musicals and Broadway plays portraying maligned aspects of today’s society have proven to be unlikely successes. Appearances by Broadway stars such as Josh Groban, Bette Midler, Glen Close, and Jake Gyllenhaal has given these shows a higher profile. Plays such as “Hello, Dolly” and Hamilton have made organizers to charge once unimaginable high prices for front row seats.
The recently concluded Broadway season is regarded as one of the best ever. Box Office earnings, which have been rising since 2013, grew by a remarkable 5.5% to $1.449 billion. This is a record high and shows why the industry is on a growth path. However, Broadway experts point out that this magnificent growth was caused by an increase in ticket cost rather than attendance. Producers have perfected the dynamic pricing strategy, which involves the use of intricate analytics to modify ticket prices to that they reflect the varying demand every day.
Stars of the Broadway Season
“Hamilton” was one of the standout plays during the recently concluded Broadway season. It is still played in sold-out theaters despite the fact that it was launched more than 21 months ago. It has also set a record for having the highest box office price for an orchestra seat, which currently costs $849. On the other hand, “Hello, Dolly’s” top ticket is valued at $748.
In as much as the figures are not that high when it comes to the new musicals, their producers are similarly employing aggressive pricing models as they seek to consolidate their audiences. This reflects the gains made by both industries. During the 2016-2017 season, Broadway tickets sold at an average of $109. This presents a significant improvement from the previous season when ticket prices averaged $103. Plans are underway to include a number of big-brand titles such as the bestselling Harry Potter books.
According to Screen Rant, such aggressiveness assents to the fact that Broadway’s blockbuster-fuelled boom has just begun. The growth also highlights why the much-maligned industry is rising from nadir after a sorry period that witnessed scarce shows and the demolition of theatres. Industry icons concede that Broadway is currently at its peak, and that the tempo must be maintained. This is an astounding credit to the effort being put in place by players in the industry.