Another step forward for online Broadway Investing.
Yesterday was a big day for the Broadway Investing underworld.
I say “underworld,” because it wasn’t too long ago that in order to invest in a Broadway show, you had to know a guy who knew a guy.
Broadway Investing has been a secretive subculture for decades (which is ironic considering its risk – you’d think we’d let and want anyone willing and able to jump into our fray). But over the last several years, thanks to the gobs of information you can find on the internet, and certain high profile stories including my crowdfunded Godspell and the JOBS act, more and more investors from around the world have said, “Hey, I’d like to invest in Broadway. Can I play?”
Ok, that’s not exactly true. Everyone with internet access can view the portal, but to make an investment in On The Town or any of the other Broadway shows that I expect will be offered in the future, you have to be an accredited investor (you can read the definition of accredited investor here.)
This accredited investor portal concept has been used in other industries, but this is the first time we’ve had one for Broadway shows. And for this first portal to have such a high profile production such as On The Town as the site’s “IPO” (if you will) is a coup.
I remember a number of folks in the Broadway Biz whispering about what I did with Godspell and how inviting the world into what we did was not “the best thing for Broadway.” So I’ve got a feeling that the Producers behind this new platform (Howard and Janet Kagan) are probably getting whispered about today.
But I’ve gotta applaud ’em. They’re using new technology and new legislation to help bring our industry into a new era.
What could be wrong with that?
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