Revenue / 05.11.18
In the Heights: Broadway Prices
Original article published on The Washington Post (05/11/18) by Nelson Pressley and Peggy McGlone
Prices to hit Broadway shows have come to dominate ticket inflation even at non-Broadway venues, and Arizona State University professor Stephen K. Happel says this trend can be traced to the 2001 imposition of fixed "premium seating" ticket prices for "The Producers." This was seen as a way to keep revenue away from scalpers, but the secondary market has continued to thrive regardless. The Kennedy Center's summer production of "Hamilton" is currently commanding seat prices approaching $3,000, in spite of attempts to sell first to "members" and to restrict purchases to four seats per customer. This demonstrates the problems that come from a dearth of information provided for audiences. "Oftentimes, the attempts supposedly to protect the public actually harm the public," Happel notes. "There is still secret stuff, like the number of holds [tickets that are kept from sale for producers, artists and other insiders, which can end up on secondary market]. But it's coming out in the open. Once you have someone break the ice, more will follow." Convincing the public to pay exorbitant prices for blockbuster productions is fueling a rise in Broadway's average ticket costs, further driving the perception of a market that has gotten out of control.
Read the full story on the Washington Post website.
Tags: Theater , Reselling , News , Broadway , Secondary Ticketing