How Broadway Shows Contribute to New York Economy - Term Paper Example

Topic:  How Broadway Shows Contribute to New York Economy Introduction Broadway Shows!! Well every one knows how fantastic they are, and how much people love to indulged in them. The Broadway shows are an integral a part of the New York City life and it contribute significantly to the cultural and economical part of the city. Broadway shows being creative and vibrant theatrical performance not only entertain thousands of people, but also add colors to the economical scenario of the big apple. Broadway shows are a favorite of the New Yorkers at all time and the money collection from this entertainment section is a big boost for the New York economy. Live musical theatre on Broadway has been a major New York City tourist attraction, since 18th century and it has survived depression, war and major technological changes(Mulder,24). Broadway theatre means a vital New York city industry with box office revenue exceeding millions of dollars in a particular season. During 2000 and 2001, the ticket price of Broadway theatrical shows exceeded the limits and set record prices. The Broadway theatre industry is the single largest tourist attraction in the New York City and nothing could take its place for entertainment. It is evident here that millions of people attend this shows and the collection from these can contribute largely to the economy of the New York City. The main contribution by Broadway to the New York economy directly comes from the expense of the production itself. It has been revealed that the Broadway company’s expense on services, pay roll and running of the shows itself added 1.5 $ Billion to the city’s economy. Moreover the Broadway companies spend millions of dollars on the salaries and other services for the running of the shows. These all operating costs and salaries accounts to the increase in the economy of New York .And also Broadway musicals adds to the overall profitability of New York as millions of people attend to get entertained by them on yearly basis. Nobody does theatre better than New York. No Other city, not even London has a big ticket theatre scene with so much breadth and depth, with so many diverse alternatives (Silverman,32). New York City has the largest concentration of people, finance, income, transportation than any city in America. Today the population of New York City is more than 8 million, and Broadway entertainment is a key industry which contributes to New York’s economy. It would not be a surprising fact to mention that Broadway theatres are a solace to people in the midst of turmoil and fast life of the city. New Yorkers attend theatre shows and musicals to get away from the stressful life of the city and to indulge in little pleasure. Moreover, the tourist which attends the theatres also spends on hotel stays, dining other activities which add up to the profitability of the city. According to (Healy)“Preview of the new Broadway revival of “West Side Story” across New York theaters: drew gross revenues of more than $1 million in each of its first two weeks, this shows that the appetite for plays and musicals is alive and well despite the recession”. Even in recession times the audience and the producers have not given up on theatres which reflect that the contribution to economy is still intact for New York City. It is surprising that no production in Broadway have ceased due to recession or economic downturn. Instead 43 productions got initiated during 2008-2009 seasons even though it was recession times. This was an excellent statistical figure for entertainment sector, especially in the phase of recession. In 2008-2009 seasons, the Broadway industry gave away $9.8 billion to the New York City economy and supported 84,400 jobs. The spending is mainly in three fields: producers spending to run the shows; the theatre owners spending on venue maintenance and renovation; and money spend by non- New York city resident s to attend the Broadway shows. The money that is spending in these areas is circulated with spending on other facilities and finally reaches the economy of the city. The new economic analysis revealed that contribution of Broadway theatres to the New York is due to its influence on the tourism flow to the city. There is an immense proportion of international crowd arrive to New York with an urge to attend the Broadway shows than anything else in the city. The tourist flowing to the New York city has assisted in fueling the growth and stability of the economy at the times economical downturn and recession in 2009.In the summer of 2008 alone the city has welcomed 50 million visitors a year which was a record level. As per (GAns)“With over 82% of Broadway's tickets purchased by theatergoers coming from outside New York City, it is especially meaningful to our city that during times of economic crisis, Broadway continues to deliver." Interestingly, the economy of New York is greatly sustained by the Broadway as thousands of people attend these shows from all over the world. It is not wrong to say that a visit to New York is ever complete unless one attends the Broadway show of the city. For this very season tourist never miss attending the musicals or theatre performance of the Broadways. On an average over around 30,000 people attend the Broadway shows of New York and the prices of seats are expensive as well. This can give an insight in to the level of money pouring in to the city through residents and non – residents. The price of tickets is exorbitant and it has been only rising ever since. All the money spent on shows that is from production to the price of tickets circulates within the city’s economy giving a rise to the economic standard of the city. Broadway show also provides employment for lot of people which definitely is adds to the stability and profitability of the New York economy. Conclusion New York is one of the greatest and expensive cities of the world, and the Broadway shows are the feather in its crown. Every year millions of people flock to this city to get entertained through Broadway theatres and musicals. According to (McWilliams)“Non-New York City business was significant in the total economic impact for the 2008-09 season, with 82.2 percent of all Broadway tickets purchased by those living outside of New York City”. According to the reports 96% of the Broadway income is generated from the non –residents and this means that tourism is doing the job. Moreover the Broadway employs numerous people who are creative and talented, which enables them to earn and spend which boosts the economy to great level. However, the tourism factor is the biggest player in enhancing the economy as many tourist come to view the play rather than just to visit the city. Unfortunately, in recent years there has been a decrease in the number of people visiting the theatres. The reason could be the recession affecting the people and the people’s disability to afford the high prices of tickets. Also the terrorist attacks have scared away many tourists, which is big downturn for the Broadway show business. The Broadway production houses have attempted to analyze the response of the customers by delivering 15,000 questionnaires to audience in which only 50% were filled and returned. From this it was revealed that hotel rooms and restaurant stay was also a major factor which boosted the economy of New York city Bibliography Gans, Andrew. "Broadway Contributed Nearly $10 Billion to NYC Economy During 2008-09 Season." www.playbill.com. Playbill Inc., 13 -05-2000. Web. 12 Apr 2011. . Healy, Patrick. "Broadway Holds On, for Now." www.nytimes.com. New York Times, 10-03-2009. Web. 12 Apr 2011. . Mulder, Catherine. Unions and class transformation: the case of the Broadway musicians. 1sted.,. New York: Routledge, 2009. 24. Print. Mcwilliams, Kelly. "Broadway’s annual fiscal impact on New York City’s economy reaches $9.8 billion ." www.ticketnews.com. Ticket News, 17-5-2010. Web. 12 Apr 2011. Read More