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How To Buy Broadway Show Tickets
With more than thirty-seven Broadway theaters in New York and each Broadway show usually performing eight shows a week (usually two on Sundays, with shows closed on Mondays), there are plenty of show and ticket choices for the average Broadway theatergoer.
The actual gross for Broadway shows is about three hundred shows a week, with total ticket sales for all of Broadway about $20 million a week.
The amount of tickets sold per week is 255,000, which is about 13 million sold per year, which is a large number of tickets – All this data puts the average price of a Broadway show ticket at $98, no doubt some sell for a dollar. much higher than that, but 72% of Broadway tickets actually sell for less than that amount, sometimes much lower.
In this context, the New York Giants play sixteen football games in a regular season and their stadium holds 80,000 people, their annual ticket sales are only 1.3 million tickets, and the volume of Broadway ticket sales exceeds the ticket sales of the New York Giants. ten times more.
Given the large number of Broadway tickets sold each year, it’s no surprise that buying tickets to a Broadway show can be quite confusing – given that tickets come in many forms and sources. Adding to the confusion is the age of the Broadway industry and, as with any old industry, the inability of Broadway producers and theaters to advance in implementing and integrating new technology into Broadway ticket sales. The result is a mixed bag of Broadway show tickets that both Broadway show producers and Broadway show fans alike come to hate.
Broadway shows don’t seem cheap, but when you compare the price of seeing a movie (currently $20 in New York) to seeing a live Broadway show by some of Broadway’s (or more often Hollywood) amazing stars just a few feet away in front of you for about $ 100, it turns out that Broadway theater pricing is right in the ball park, albeit with a few aberrations.
Basically, Broadway show tickets come in three forms: Full price from an official source, discount Broadway tickets from a promotion company, and aftermarket from a broker.
Full Price (or Face Value) Tickets: These are Broadway tickets that are priced by the producer of the Broadway show and sold by them through an official ticket source – usually Ticketmaster or Telecharge (But never both due to union rules at the theater) These tickets are usually sold for a year in advance.
Broadway Discount Tickets: These are offers or discounts for Broadway shows that may need a boost in ticket sales – Broadway shows use this discount process when a show is new and needs a follow-up, or when a show fails due to poor performance. critical acclaim, or when a show receives poor reviews on the street and therefore ticket sales will suffer. Sometimes, when a show is running for a long time, they will run a ticket price promotion to kick in sales, and the show will go back to full price once sales pick up. A great example of this is when The Book of Mormon first opened on Broadway in February 2011, it found it had trouble selling tickets due to the shows subject matter, the ambition or credibility of the show’s Broadway producers, and the poor condition. from economics. The show had to appeal to a discount ticket offer that reduced the price of an Orchestra seat (Best seat in the house) to $69. The act boosted sales, and the show later won Tony Awards that year and became a top Broadway show, now commanding a face price of $477 for prime tickets and an aftermarket price of $750 to $1,000 per ticket. the most expensive Broadway show in history to date.
Secondary Ticket Market (or Aftermarket): These are various forums where brokers, scalpers, or speculators buy entire ticket inventory and sell it for a profit closer to the actual Broadway show date. Oftentimes, ticket brokers buy up huge sets of tickets long before people even get a chance to buy a single ticket. It is noted that ticket brokers provide no value to the Broadway theater process and many of their actions are ultimately detrimental to the Broadway industry. Many strategies for buying Broadway tickets and selling tickets would be illegal in the stock market, where selling on spec, crowdfunding, insider buying, insider trading, bare-bones short selling is now illegal.
The relationship between official ticket sources and ticket brokers becomes blurred, with Ticketmaster becoming a major shareholder of an external ticket broker, potentially creating a conflict of interest. A great example of this is the Miley Cyrus, Hannah Montana ticket debacle in 2007, where Ticketmaster only released 10% of the tickets to the open market and dumped 90% of the ticket inventory directly into the hands of the ticket broker, where Ticketmaster split the profits. This was very profitable for Ticketmaster, but very damaging to Ticketmaster’s image and reputation as a result of congressional questions about how tickets were resold to Hannah Montana fans at a huge profit ($90 a ticket sold for $2,000). but in the end it was considered that no law was broken. Aftermarket ticket brokers have long argued that their service allows Broadway show tickets to fetch their fair market value (FMV), or the ticket price that the ticket market can bear – but given the extent of unethical practices and market manipulation in the ticket market. , FMV is clearly inflated in the process, and ticket buyers beware. The most popular forum for selling aftermarket tickets is stubhub.com
Other less important sources of Broadway ticket discounts include: Rush, standing room only, canceled tickets, partial view, half-price ticket booth (TDF), student rush, charitable donations, Wednesday discounts, starving artist and group discounts.
The Broadway ticket industry continues to undergo many changes while trying to innovate. We hope this article helps you understand how the Broadway ticket industry works and allows you to purchase your Broadway show tickets at a fair and reasonable price.
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