Live New York

Hard Times On Broadway

Broadway can’t escape the realities of a global recession. Less people are buying fewer tickets and the issue is hitting producers right in their wallets. There’s less money from investors being pumped into producing shows and the net effect is bad times on Broadway.

Things are expected to get worse before they get any better.

But even the best Broadway press agent cannot spin the fact that New York theater appears to be entering one of its darkest periods: with the surprise announcement on Sunday night that the much-lauded “Gypsy” would close seven weeks ahead of schedule because of poor box-office sales, 12 Broadway productions - including once-dependable crowd pullers like “Grease” and “Hairspray” - will be closing in the first half of January, either because of weak sales or because they were already set to close.

Other ambitious musicals, like “Bob Fosse’s Dancin”‘ and the already delayed production of “Vanities,” are all but officially postponed until at least the 2009-10 season because of financial considerations, people closely involved with those productions said in interviews this week.

It’s not hard to imagine how the troubles keep compounding for Broadway. Consumers have less disposable income than ever, tourism is drying up, and many of the shows currently being offered just aren’t resonating with the fans the way they used. That means now is a great time to revamp your lineup, but there’s nowhere near as much cash floating around for shows as their used to be.

Despite the gloom and doom, many experts thinks matters can be resolved by discounting ticket prices. At $200 per ticket, many people are forced to think twice about attending shows. With discounted offers, companies could expect less per ticket, but for more tickets overall to sell. That philosophy is currently serving Disney well with their properties on Broadway.