'Money Makes the World Go 'Round' - The Brief Financial Side of the Theatre Industry

'Money, money, money. It's a rich man's world' and indeed it is. The financial side of the industry almost feels like a bit of a taboo subject to delve into deep conversation about. Yet, the question stands about money and how theatre has almost become an easy thing to get a hold of and what that now means for big-time creatives?

It Works!

As many theatre fans know, being a part of and supporting this industry does come with a hefty price tag. Although, recently we are seeing crazy ticket prices, unfortunately, we are seeing this too often when many productions want to be more financially accessible? The short answer is no. Where there are tickets willing to be sold there will be some price to pay. Some companies such as the National Theatre, Donmar Warehouse and Disney Theatricals do offer special discounts or “Magic Monday’s” but there are only a limited amount of tickets available at that discounted price. Yes, theatres/companies are trying to be more accessible especially to "younger audiences" (the under 25's) still the problem stands.

The concept of commercialisation is where things get interesting. The notion of going to the theatre is naturally something that you have to pay for to enjoy, although more recently it can be said that theatre has become something that is there for financial gain. Albeit this is not the main focus but nevertheless has become more noticeable since the pandemic. The wave of the Jukebox musical or the adaptation has swept over both sides of the pond. 

The priority of the industry has slowly begun to move away from new AND original musicals to more so looking at the adaptive side. Over the past 10 years only 2.5 winners of the Best Musical Tony Award were original : Dear Evan Hansen (2017), Hadestown (2019 - being the.5) and A Strange Loop (2022). Likewise the Olivier award winner for Best Musical only 2 winners within the same time frame: Book of Mormon (2014) and Dear Evan Hansen (2020) . There is a bit of a grey area when it comes to musicals based on history/historical events, again, this is something that is up for debate.

All other winners had a different original source material, although the musical itself can be argued to be original as the music has been written and/or orchestrated specifically for the stage, it can only be slightly so, as the inspiration for the production came from elsewhere. Does this mean that the industry is facing an originality crisis? Or does this simply mean that, as it has done before, the industry is moving places? 

Change in the industry can sometimes be something to be afraid of. At the same time it can be a change that is deeply needed or wanted by audiences. This argument can run both ways as in, audiences seek a change from the hard-hitting, social commentary performances and need something more upbeat, or that audiences are getting tired of adaptation after revival after adaptation. Just this year in the West-End, MJ the Musical and Ain’t Too Proud (Both biopic jukebox musicals) are both heading to the Prince Edward in the coming years, whilst Elf the musical is making a comeback over Christmas at the Dominion Theatre to name a few. Whilst other original musicals such as Dear Evan Hansen and Come From Away are now closed/closing.

What is it? What is it that turns people away from seeing new pieces of theatre?

I Know Him

Like the way the theatre’s are being taken over by the adaptations, so are the silverscreens. In a way, having the opportunity to see live-streamed productions is assisting the theatre industry by making their productions more accessible. Some can say that they miss the time when we went to the theatre to see a show and the cinema to watch a film. 

Will there be some cultural benefits to this? What does it mean for the future of live theatre? When live productions are filmed (Miss Saigon, Anything Goes etc) it does make musicals more accessible to a wider demographic, thus, helping the theatre industry by making audiences of the films want to see the show in person. However, can it be said to be a different discussion regarding movie adaptations of musicals. Fans are sometimes left disappointed when it comes to the adaptation of their beloved musical with iconic songs left out or characters not how they're “supposed to be”. 

The topic of adaptations, whether that be for stage or screen, is something up for debate. There will always be this invisible bar laid out by fandoms that may seem impossible for adaptive productions to hit. Despite this, we cannot ignore the large factor behind an adaptation - the monetary gain that comes with something that already has a success story behind it. But when there’s monetary gain to get, there is also the risk of severe financial loss when costly mistakes are made. 

I Know "It" So Well

When it comes down to ploys such as stunt casting, this certainly applies in tandem with the above. Despite stunt casting sometimes being the bane of avid theatre-goers, at times it can be argued that it has worked and worked well. The intense grip that commodification now has on this industry is something that is up for discussion. To an extent, it is a clever marketing ploy to draw in audiences at the same time it almost seems like either a first or last resort, especially when it comes down to the key income of productions - Ticket Sales. At times it can seem like a cop-out when productions may be losing interest/audiences. There are some repeat offenders regarding this, (Waitress and Chicago). However, a strong percent of the time they do work very well.

Has it become more difficult or easier to become a musical/theatre writer in the current wave? Expectations, pedistols and fandoms. It’s a mixture. Although some could say that the current wave of theatre is in a way “boring” in use of a lighter term. With the same shows getting renewed whilst other great productions having to close the curtain on a limited run, with a small chance of seeing the light of day again.