By Brogan Ringgold
Boston University News Service
The 2024-2025 Broadway season grossed $1.89 billion with 14.7 million people in attendance, both of which were the business’ highest in history. Yet, not a single show has turned a profit.
Since the pandemic, Broadway shows have continued to struggle to make their investments back, despite record-breaking sales and attendance numbers. Out of 46 new musicals that opened since 2020, only three have made a profit.
“MJ” and “& Juliet,” both jukebox musicals featuring music from Michael Jackson and Swedish producer Max Martin, respectively, are of the few that gained back their original investments. “Six,” a musical about the six wives of Henry VIII, the King of England during part of the 16th century, was the third to do so.
All three of these productions were ultimately supported by the government, receiving millions in relief grants. “Six” and “MJ” were given $10 million each from the federal government, while “& Juliet” received $3 million tax credit from a New York State program.
These programs were designed to help the arts recover from the nationwide shutdown due to the COVID-19 pandemic. The federal government program has since ended, and the state program is due to expire this fall, leaving uncertainty for Broadway productions.
Costs across the country continue to rise. The consumer price undex increased by 0.4% in August, resulting in a 2.9% increase over the last 12 months, according to the U.S. Bureau of Labor Statistics. This means shows are spending increased amounts on rent, materials, labor costs, and vendor fees.
Even Broadway legends are unsure about the viability of the theater industry in New York.
“The statistics are terrible,” said Andrew Lloyd Webber, multi-award winning composer of shows like “The Phantom of the Opera” and “Jesus Christ Superstar,” in an interview with The New York Times. “I look at the economics of this, and I just don’t see how it can sustain.”
“Sunset Boulevard,” another show composed by Webber, won the 2025 Tony Award for Best Revival of a Musical. That same year, the production’s lead Nicole Scherzinger, legendary musician and actress, also took home the Best Actress in a Musical award for her performance as Norma Desmond.
Despite being one of the most acclaimed shows of the season, “Sunset Boulevard” closed after less than a year of performances, failing to recoup its $15 million price tag.
“With rising costs hitting every facet of production, it is becoming harder and harder to bring live theatre to the stage” said Jason Laks, President of the Broadway League, in a statement. “Shows today have an ever-shorter window to get on their feet.”
While musicals are struggling, plays are faring much better. Seven of the plays that opened during this past season were profitable, mostly due to their higher profit margins.
Recent plays have included highly regarded celebrity casts, like George Clooney and Denzel Washington, shorter runs, and lower seating capacities in their theaters.
However, Laks notes this model is not viable forever. “Broadway is sustained by musicals that can run for a number of years and keep people employed,” he said in an interview with The New York Times.
While mega-hits like “Wicked,” “Hamilton,” and “The Lion King” have long kept the lights on for the industry, these shows too will eventually end. Since their release, there have been no productions that have replicated their financial success.
“The Phantom of the Opera,” Broadway’s longest running show from when it debuted in 1988, closed after the production struggled to reach pre-pandemic levels of attendance.
If they haven’t already, a majority of shows will close without making a profit. However, there is still hope for some.
“The Outsiders,” based on the best-selling novel written by S. E. Hinton, and “Just in Time,” starring Jonathan Groff as singer Bobby Darin, are both expected to make back their investments.
The upcoming 2025-2026 Broadway season has lowered the number of shows from 14 to around seven, increasing the industry’s chances of becoming profitable. Still, it is not a guarantee.
“We have a lot of work ahead of us to meet these challenges by growing audiences and addressing costs so we can sustain this cultural treasure and economic engine,” said Laks in his same statement.
