WHY MORE OFF-BROADWAY
THEATERS?
Off Broadway theater has been on a steady upswing for decades. While Broadway ticket prices continue to soar, local theatergoers and tourists continue to thrive on the vibrant, more cost-effective offerings presented in Off Broadway theaters. The lines of demarcation between Broadway (500 or more seats) and Off Broadway (499 or fewer seats) are often unclear, especially in the Broadway area.
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Every Pulitzer Prize winning play over the past fifteen years has had their New York premieres Off- Broadway: Hamilton, Fairview, The Cost of Living, Sweat, The Flick, Between Riverside and Crazy, Ruined, Next to Normal, Clybourne Park, Water by the Spoonful, Disgraced and most recently English, Fat Ham, The Hot Wing King, and A Strange Loop. As Times Square has continued to gentrify and flourish, the demand for entertainment venues in this neighborhood has increased. Specifically, the demand for spaces of 399 seats, 249, 199 and 99 seats is currently extremely strong.
Only one commercial 249 seat theater, three 199 seat theaters and three 99 seat theaters are located in the West 40’s/50’s with productions playing eight performances/ week 52 weeks/year. Each of these seven theaters continues to be booked 90% to 100%
HOW WILL 49 STAGES MAKE MONEY?
Below you will find a speculative overview of revenue projections and operating expenses based on the anticipated revenue streams:
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Licensing of the theaters
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Studio Space Rental
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Corporate Conferences
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Workshops, Showcases and Special Events
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Corporate Sponsorship/Signage/Theater Naming
Please note - there will be multiple revenue streams from the same spaces at 49 Stages – the licensing of the five theaters to producers for their shows (primarily used at night) for a total of $55,000/week, the concession sales, facility fees, credit card fees and box office percentages provided by these shows; the rental of four rehearsal studios; the revenue from corporate and special events in the theaters during the day and finally, revenue from the naming rights of the five theaters and corporate sponsorship.
FROM INDUSTRY PROFESSIONALS...
“As a producer and general manager who has worked in the NYC theater arena for over 20 years, I can unequivocally say there is NOTHING the industry needs more than new theaters! Having lost over a dozen incredible spaces to either fragrance stores or night clubs or high rise office buildings in the past decade, the need for viable and accessible Off-Broadway theaters in the mid-town area has reached an urgent state. The idea of a new and vibrant theater Center gives me renewed hope for the future of Off-Broadway and all its possibilities.”
- JAMIE CESA, Broadway & Off Broadway Producer / General Manager
“I am thrilled to hear about the new Theater complex that Catherine Russell is opening. Off Broadway desperately needs more Theaters with 199 and 249 capacity. And to have these Theaters run by a passionate and artistic business person like Catherine is a coup for us all! I can't wait to book my first show there.”
- EVA PRICE, Broadway and Off Broadway Producer / General Manager
“The Off-Broadway landscape has certainly changed in the past 10 years. So many of our most viable theaters, including my own, have long-running tenants and we are constantly turning away commercially-viable shows due to lack of space. The addition of new spaces would help us tremendously, as there would be a new home for these wonderful productions.”
- ADAM HESS, Off Broadway General Manager and Managing Director of the Daryl Roth Theater and the DR2 Theater and President of the League of Off-Broadway Theaters
“It is our experience (and often the opinion of the producers), that location is extremely important and the most sought out area for their show is a theater in the west side of Manhattan. The competition for the small number of existing spaces is incredibly strong, and our office is thrilled that this new Center will be bringing five new spaces into the Off-Broadway marketplace. Catherine Russell’s reputation and years of success at the Theater Center speak for themselves. It is heartening to know that Catherine will be at the helm of this Center and we look forward to working with her for years to come.”
- SCOTT NEWSOME & LAURA CRONIN, Briarpatch Productions Theatrical General Management
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