What will happen to Broadway if Spider-Man is a hit?
When the work started back up at the Hilton Theater recently, it felt like that moment in Willy Wonka and the Chocolate Factory when, after years of silence, smoke started coming out of the chimneys. “The Oompa-Loompas are back to work! They’re making chocolate again!”
Well, unfortunately for the Producers of Spider-Man, they don’t have Oompa-Loompas to do their pre-production. Their labor costs a lot more than a free room and all the chocolate you can eat.
There’s a lot of mystery surrounding what’s going on in that theater. Everyone’s waiting to see what will happen on opening night.
Me? I’m more interested in what happens after opening night.
Spider-Man is the biggest show that Broadway has ever seen. I’ve compared it to the movie version of Titanic and Avatar before, as it has the potential to create that kind of tsunami-like splash.
But what happens in the aftermath?
First, let me state how much I’m fantasizing about Spidey-success. That same post I linked to above talks about the potential it has to bring new audiences to the theater, to bring more rock-star composers to the theater, and to re-energize our market by giving us one of the most unique events we’ve ever seen.
It could be a game-changer.
It could also drive up capitalizations and costs quicker than Clark Kent can change into Superman.
We’re an industry that swings for the fences.
And regardless of how out-of-whack some of our labor rules may be, or or royalty pools, or GM fees, and so on . . . when you get a hit, none of it is out of whack.
And that’s why the fees are so high. The unions, vendors, and so on, keep the rates at high levels to make sure that they have what one Producer I know calls “Bonanza Insurance.”
I call it Phantom Insurance.
And those rates and fees will always stay high, as long as there is one show that defies the odds and mints money like the Oompa-Loompas mint . . . uh . . . mints.
So, if Spider-Man sets a new bar . . . will the unions and creatives and Producers have to set a new one as well?
Me? I’d rather have a whole slew of hits than just one super-sized hit. So when you hear, “If Spider-Man can do it, ” even if it comes out of your own mouth, make sure whatever you’re discussing makes sense (and ‘cents’) for your show.
Because Broadway musical budgets 50 years ago were less than a million bucks.
Now the average is getting closer to 15 million. That’s an increase of 1500%. And inflation has increased.
What will the average be in 2060?