The industry is hoping an influx of visitors, about 56 million this year, can boost the recent launches of 15-plus shows that are looking for audiences.
emerges from one of its most embattled seasons, industry experts are cautiously optimistic. Based on current trends, live theater is expected to see a broader return to financial normalcy starting this summer. The key to getting there is smart pricing among long-running musicals, increased domestic tourism and the gradual return of international tourists, an important segment for both the industry and New York City’s recovery.
Tourism has not yet bounced back, and older audience members, particularly those 65 to 74 years old, have not yet made a full return, which exacerbates the struggle, says Brian DeVito, an independent ticketing consultant currently working on. The limited audience means April’s flood of inventory also squeezed returning and long-running shows, leading several existing properties to temporarily lower price points to compete.
That opportunity is expected to come from the marketing boost around the Tony Awards, which take place June 12, as well as an expected rise in tourism during the summer months. In 2022, New York City is projected to welcome 48.4 million domestic visitors and 8 million international visitors, marking about 85 percent of the tourism levels it had in 2019, a record year for the city.
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