Broadway box office restoration bets on tourism restoration in New York City –

As Broadway emerges from one of its most tense seasons, industry insiders are cautiously optimistic. Given current trends, live theater is expected to more broadly return to financial normalcy starting this summer. The key to getting there is smart pricing among long-running musicals, the rise in domestic tourism and the gradual return of international tourists, an important segment for both the industry and New York City’s recovery.

Since the industry reopened this fall after an 18-month hiatus, products have had to deal with reduced numbers of tourists (international tourists were not able to easily enter the country until November 2021), new COVID-19 safety regulations for publics and member companies, and then Delta and Omicron Tal., which led to the cancellation of functions, the closure of several productions and the undermining of consumer confidence. The show’s comeback has been helped by insurance revenues and federal subsidies of up to $10 million, but that can only go so far.

Two products in this uncertain environment, Mrs Dutfair s a girl from the northHe continued to take a break for several months this winter. And some performances have pushed opening dates back to April, in hopes of staving off coronavirus cases at the company and finding a larger audience in the spring. This led to the suppression of 15 new shows that opened in April and three more shows that returned to Broadway, making it difficult for any production to be localized. However, it looks like this will be resolved soon. “I don’t see anything different from traditional seasonality and I see strong indicators that it’s going in the right direction,” said Hunter Arnold, co-producer of several Broadway shows this season.

Tourism has yet to return and older members of the public, especially those aged 65 to 74, have yet to receive a full refund, exacerbating the struggle, says Brian DeVito, an independent ticket consultant currently working. hedestown. A limited audience means that the April flood of stock also reduced performances and extended shows, causing several existing properties to temporarily compete at low prices.

“I think it forces us to work a little harder to get them involved in everything. “But we all continue this summer as a real opportunity for us.”

This opportunity should be followed by a marketing incentive pitch award to be held on June 12, as well as the expected increase in tourism during the summer months. New York is expected to have 48.4 million domestic visitors and 8 million international visitors in 2022, representing about 85% of tourism levels in 2019, a record year for the city. “What we see is that by 2023 the domestic situation is recovering and by 2024 we expect an international recovery,” said Chris Haywood, director of communications for NYC & Company.

According to the latest Broadway League demographic report, tourists accounted for 65% of all arrivals in the 2018-19 season, with 46% traveling from within New York and its suburbs and 19% from other countries. Broadway industry insiders also viewed recent New York hotel bookings positively, with hotel data firm STR predicting an occupancy rate of 74% in June, 73.8% in July and 75.7% in July. % in August, averaging around 15 percentage points. Up to 2019 levels.

As part of the natural life cycle on Broadway, many shows will not be able to capitalize on nominations, and audience members may continue to flock to the big brands at the expense of others. But if the powerful new variant of COVID-19 fails, Broadway can forge ahead.

“I think the industry is in crisis right now, but I think they see a pretty clear way to stay afloat,” said Jack Viertel, former director of Jujamcyn Theatres. “I’m not worried about Broadway’s long-term prospects and I don’t think anyone is working on Broadway.”

A version of this story first appeared in the May 17 issue of The Gossipify. Click here to subscribe.