Money Talks: There’s no business like it
Economist Podcasts
The Economist
4.3 • 5K Ratings
🗓️ 21 December 2023
⏱️ 50 minutes
🧾️ Download transcript
Summary
We raise the curtain on the business of New York’s iconic theatre district. Broadway has been struggling with rising costs and falling sales since the pandemic, but its financial drama started much earlier. The economic plot just doesn’t make sense. Will the lights go out on the Great White Way?
Hosts: Alice Fulwood, Tom Lee-Devlin and Mike Bird. Guests: The Economist’s Stevie Hertz; actor Leanna Rae Conception; Megan O'Keefe, executive vice-president of production company No Guarantees; Broadway investor, Ken Willman; Oliver Roth, CEO and producer at OHenry Productions, Kate Shindle, president of Actors’ Equity; and Lee Seymour, producer.
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Transcript
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| 0:00.0 | Hello. This episode of Money Talks is available to listen to for free, but if you want to listen every week, you'll need to be an economist subscriber. For full detail, search online for Economist Podcasts Plus. |
| 0:18.0 | In a world of seismic change, will your business shape the future or be shaped by it? |
| 0:23.6 | How will we capture the imagination of tomorrow's consumers? |
| 0:28.6 | Overcome operational constraints to focus on future growth |
| 0:33.6 | and unlock economic and social prosperity through environmental responsibility. |
| 0:39.6 | With EY's full spectrum of services across sectors, we're all in to shape the future with confidence. |
| 0:45.9 | Start your transformation journey at EY.com slash transformation. |
| 0:57.5 | The Economist. |
| 1:05.0 | Despite its fast-paced reputation, some things in New York are meant to stay the same. |
| 1:13.3 | The Met, the Bagels, and, until 2023, there being Andrew Lloyd-Weber musicals on Broadway. |
| 1:22.6 | But his new show, Bad Cinderella, was a flop. It closed after just 10 weeks. Almost $20 million had been invested into the show, but before its closure was announced, only half of the seats were full. |
| 1:30.3 | And after 35 years on Broadway, Phantom of the Opera also closed. |
| 1:35.8 | It was the longest running show in Broadway history, but since the pandemic, weekly costs |
| 1:40.6 | have gone up by 15%. |
| 1:42.1 | With audience numbers not coming back fast enough, |
| 1:46.1 | the show could not go on. |
| 1:48.7 | That means, for the first time since the 1970s, |
| 1:52.5 | there are no Andrew Lloyd Webber musicals on Broadway. |
| 1:55.9 | It's a sign of just how challenging times have become, |
| 1:59.3 | for new and old shows on Broadway. |
| 2:11.3 | You're listening to Money Talks from The Economist, |
| 2:14.2 | our weekly podcast on the markets, |
... |
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