As Stagehands returned to work and Broadway's shows resumed performances after 19 days on strike, Producers and the City of New York have taken a look at the cost of the strike and estimate $40 Million in lost revenues.
Theatre lovers are also concerned that ticket prices (already ranging from $110 to as much as $400, in some cases) will have to increase to cover Producer's additional labor costs. The same concern applies to increasing theatre rents and other costs associated with production of broadway shows, which sometimes now cost as much as $20 Million before the doors even open.
Clearly, this industry has some rough seas to traverse in the next few years.
The storm is already brewing as speculation abounds that shows that have been operating on small margins will have to close soon, as a result of the increased costs negotiated last week. Among the shows that are the subject of such rumors are “Rent” and “The Drowsy Chaperone”
Sources:LA Times and Chicago Tribune