A Glimpse Into Show Business and its Outlook for Survival
April 29, 2020
"While much of the future is uncertain, one thing is clear: The industry will be gutted without major federal help. Arts nonprofits have already suffered $4.5 billion in losses as a result of the pandemic, and theaters alone are predicted to lose $500 million more by June, according to a new survey by Theatre Communications Group (TCG), a national service organization with over 700 member theaters."
Above is a quote from a recent Forbes article, "Show Business Is Adapting To The Pandemic, But It Won’t Survive Unless Congress Steps Up" by Lee Seymour. An eye-opening piece on how hard arts organizations, theatres, and the entertainment industry as a whole are being hit during these uncertain times.
Mid-article, an example of just how grave these times are is brought to light when the author highlights the hit-musical, Hamilton, a show that, before the pandemic struck, had returned almost $400 million to its commercial backers, off an initial investment of just $12.5 million.
Just six weeks after the pandemic struck, tens of millions in advance sales had been written off and the Public Theater (who had safely incubated the show ahead of its commercial run and earned a share of the eventual box office) furloughed 70% of its staff.
According to the article, The Public isn’t the only one furloughing its staff, and more will follow suit after their fiscal years come to an end this summer. Click here to read the piece in full.