Broadway's summer box office hits a sour note

Ironically, Broadway's biggest summer drama is happening behind the scenes.

The industry is in the middle of an extended slump, with several major productions struggling to fill seats, and even longtime blockbusters posting historically weak box office numbers.

Cats: The Jellicle Ball is the latest victim. Despite earning nine Tony nominations and three wins, the critically acclaimed revival couldn't overcome the sky-high costs of running a large-scale musical. The production this week announced plans to close early after a short four-month run, despite relatively high capacity (~93%) and respectable gross receipts of ~$1 million/week.

It follows a tough week for Broadway

Box office grosses plunged 20.1% over the July 4 weekend compared to the previous week, with all 32 running productions bringing in less revenue.

• Attendance saw a relatively smaller dip of 11.5% week-over-week, as producers cut the average ticket price by ~10% to $113.50 in an effort to attract audiences.
• Even Wicked earned just $1.0 million, marking the worst financial week of its 22-year run

The struggles extend far beyond a single holiday weekend. Around 10 Broadway productions have announced early closures so far this year, amid falling ticket sales and rising costs. Producers are also sharply scaling back on new musicals after a wave of expensive flops, with many instead investing in lower-cost plays with recognizable film/TV actors in an effort to boost their bottom lines.

Bottom line: In a lengthy social media post this week, musical theater legend Andrew Lloyd Webber noted that the economics of Broadway have become nearly impossible, with many young creators unable to make a living from theater alone, and investors rarely getting their money back.

The composer urged theatre owners, unions, and producers to come together and “urgently address what is a crisis coming to a head.”