Broadway's TV revival
GUEST BLOG / By Axios reporters Kerry Flynn, Sara Fischer with illustration: Allie Carl/Axios-- Broadway shows are getting newfound attention from TV networks and streamers looking to tap into the theater industry's post-pandemic boom.
Why it matters: "In this era of AI, there's still nothing like a live show to bring people together because it is live and you know it is real," said Eric Kuhn, a Broadway investor and three-time Tony Award-winning producer. • "People are dying for community, to be together, and to tap into that energy where you know what you're seeing is real because it's happening on stage in real-time," said Kuhn, who is also co-founder and co-CEO of Folk Media Group, a creative studio and private investment firm.
Driving the news: CNN will air a live telecast of George Clooney's "Good Night, and Good Luck" next month and mark a historic Broadway first of a live play being televised, the company said last week. • "Live TV. No net. Buckle up everyone," Clooney said in a statement. The big picture: Streamers and TV networks have aired Broadway shows to tap into their cultural relevance and reach new audiences.
• Disney will release a recorded version of "Frozen" from its West End run on Disney+ on June 20. Back in 2020, Disney brought "Hamilton" to Disney+. • PBS is now airing its eighth annual "Broadway's Best" lineup for the PBS series, Great Performances, including "Next to Normal, "Yellow Face," "Girl from the North Country" and "Kiss Me, Kate."
• Max began streaming a filmed version of "Waitress: The Musical," starring Sara Bareilles, earlier this year. Max also offers "Alex Edelman: Just for Us," a recording from the 2023 Broadway run, after it aired on HBO.
• NBC has hosted its own live productions of musicals, including "Hairspray" in 2016, "Jesus Christ Superstar" in 2018 and "Annie" in 2021.
• Fox aired its own live version of "Rent" in 2019.
Between the lines: Streamers and live productions are converging as content owners see value in expanding reach from stages to screens and vice versa.
• Netflix released a stage adaption of "Stranger Things." Written as a prequel to its hit series, "Stranger Things: The First Shadow" debuted on the West End in 2023 and came to Broadway this year.
• Disney has long brought its movies to stages. "Aladdin" celebrated its 4,000th performance on Broadway last weekend. "Hercules" starts on the West End next month. "Beauty and the Beast" begins a North American Tour this summer. • Warner Bros. produced a musical version of "Beetlejuice."
• NBCUniversal's "Wicked" adaptation renewed interest in the stage productions, securing the highest-grossing week in Broadway history last December at $5 million. Yes, but: Adaptations may not always be big financial wins on their own but for streamers with big pockets, like Netflix, they can boost broader marketing or talent promotion efforts.
• Netflix produced the limited Broadway run of "Patriots" by Peter Morgan, the creator and writer of its series "The Crown." Morgan reportedly is working on a film adaptation. • Netflix's "Stranger Things" Broadway adaptation grossed about $880,000 in the week ending May 11. It's unclear how much Netflix is spending to run the show, but for major productions like "Wicked," fixed costs typically run anywhere from $650,000 to $800,000 weekly. By the numbers: Broadway recently returned to its pre-pandemic heights, per the New York Times.
• The current theater season has already grossed $1.801 billion, surpassing the $1.793 billion brought in by this point in the record-setting 2018–19 season, according to data from The Broadway League. But profitability remains a concern as production costs rise. Zoom out: Old fears that putting shows on streaming would cannibalize ticket sales are starting to subside. Sports, concerts and Broadway have benefitted from making their content more widely available.
• "The previous thinking was, if you stream things, no one will come to the theater," said Alex Levy, four-time Tony-winning producer. "Broadway is now starting to realize that streaming shows actually builds interest in the live experience, it doesn't detract from it." What to watch: Broadway has long been supported by individuals interested in supporting the arts. Many shows hardly break even.
• "The big question is, what role can streaming play in improving the economics of Broadway?" Levy asked.
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