How much does Broadway impact the New York City economy?
That sound you heard was the massive amount of monetary impact Broadway has on the New York City economy.
The latest financial ramification report was released last week by the Broadway League, and the numbers are good. Broadway as a biz was responsible for adding $11.9 billion dollars to the city’s kitty. And that’s right, I said 11.9 b-b-billion dollars . . . along with 87,000 jobs and $500 million in taxes.
The overall impact number is up 2% from last year and a whopping 11% from 2008 (the year of the great recession), and 97% of the money generated by the pro theater bill is “new money.”
What does all this mean?
It means we’re important.
Not just because we help create theater history by launching plays and musicals that will subsequently be produced around the world, thanks to their Broadway pedigree, and making audiences think all sorts of different things as a result. Nope, we’re also super important because, well, because we make money.
And when things make money, like a good employee, or a great stock, they deserve attention and respect from the people they earn money for.
So yeah, NYC government, I’m talking to you. All city politicians, from the bottom of the bottom to the tippity tippity top should be seeing theater, talking about theater, and helping to ensure that we’re around for a very, very long time. And that means making sure that the artists, technicians, and yeah, the Producers, are a happy, happy bunch. Sure we love what we do, and we all want to do it for a long time. But it’s getting a little tougher with each passing year, and I’m afraid we’re going to lose some great folks to other entertainment industries if we don’t offer economic encouragement for them to stay.
Congratulations to the city and all of the businesses surrounding Broadway. You’re eating well. Now please do what you can do to return the favor. Because we want to eat well too for a long, long time to come.
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