BROADWAY’S RECOVERY PART I: What Will It Look Like?
Since the pandemic began, Economists have been obsessing about how quickly the economy is going to bounce back after this sucker is over (or . . . over “enough.”)
Will we have a “V” shaped recovery? Or a “U” shaped? Or my favorite . . . a Nike Swoosh shape?
Since the pandemic began, Broadway Producers (including the one composing this hypothesis right now) have been obsessing about how quickly Broadway is going to bounce back.
My prediction . . .
Broadway is going to bounce back . . . and fast.
What’s unique about our industry is that it doesn’t follow any of the typical shapes of recovery because we went from 100 mph to zero in NO seconds flat. We were grossing $30 million a week on Broadway alone . . . and then we were zero dollars the next week. We slammed into a COVID-19 wall.
Even restaurants have take-out options. Bands that can’t give concerts can sell albums. Broadway shows? We got nothing. (Hint for next time – and there will be a next time, as I’ll talk about next week – all shows should be captured for potential streaming opportunities.)
So if I had to give our recovery a shape, I guess it would look something like this . . .
(FYI, I spent about an hour trying to figure out what to call that shape. I tried everything from “Deformed Bucket Recovery” to “The Fishing Hook Recovery” . . . what would you call it?)
You can see that we had that immediate wall-smacking drop off on 3/12 . . . and of course, an immediate and completely 90% vertical BLAST OFF when(ever) our curtains go back up.
Now, the more interesting part . . . what happens AFTER that straight-into-the-sky return. Well, you’ll see that I’m not predicting we’re going to start grossing $30mm a week like we were when we shut down. For one, there will probably be fewer shows, which means less of a gross potential, never mind fewer tourists to see those shows. (PS – That diagram above is definitely NOT to scale)
So we’re going to start off earning less than when we were.
How much less?
That depends on what I call The Three Ts:
- TIME (How many weeks/months do we have from knowing when we can come back to the actual day we come back.)
Nevertheless, I do believe we will see a quick upward trajectory after we return. (The stock market is having that sort of bounce – and believe it or not, we do tend to follow the dow’s chart, as I showed here.)
But my belief in a quick Broadway bounce back is not some hunch. I have THREE reasons why I think we’re in store for a quick recovery.
What are they?
I’ll tell you tomorrow in PART II!
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Tonight on the Livestream: I’m sitting down with Lynn Ahrens (Lyricist of Once On This Island, Ragtime, Anastasia) at 8pm EDT. You can now watch on my Facebook page, Twitter, Broadway Podcast Network’s Youtube channel, or Broadway On Demand.