The Tony Award-winning revival announced it will close Aug. 8, just four months after opening, despite strong reviews, strong attendance and three Tony wins. The news prompted comments from legendary composer Andrew Lloyd Webber, who said the state of Broadway "breaks my heart" and warned that it has become increasingly difficult for new or daring work to originate on Broadway.
Industry experts say the problem comes down largely to money.
According to SiriusXM On Broadway program director Julie James, the cost of producing a Broadway musical has roughly doubled over the past decade. She said the average musical can cost more than $20 million to mount before opening, with weekly operating expenses approaching $1 million.
That means even shows playing to large audiences can struggle financially.
"If the weekly operating costs of a show are almost a million dollars, and your show made a million dollars and played to 94% capacity, that means you only broke even," James said.
The financial pressure appears to be influencing what kinds of productions make it to Broadway. Last season, only six original musicals opened on Broadway, down significantly from roughly 15 just two seasons earlier.
The economics have also made investors more cautious, experts say. With fewer people willing to take risks on unfamiliar titles, producers often look for established brands, recognizable intellectual property and celebrity performers to help guarantee ticket sales.
Broadway Black founder Drew Shade said celebrity casting has become an increasingly common strategy as producers look for bankable names to attract audiences.
"The shows that have sold have included celebrities," Shade said.
James agreed that many producers feel pressure to attach stars to projects, while Shade argued that relying too heavily on celebrity appeal can come at the expense of investing in emerging talent and original storytelling.
Still, both theater insiders believe Broadway's challenges are not insurmountable. While concerns over rising costs and shrinking opportunities for new work continue to grow, they say the industry's future will depend on whether the theater community is willing to adapt and support the kind of creative risks that have long defined Broadway.
"It can be fixed," Shade said. "The community has to be willing to fix it. We want the craft to survive."
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