Hard times hit Broadway

Wall St. woes worry theater industry

By GORDON COX

Investors have all but pulled the plug on an anticipated revival of the tuner 'Godspell.'

Foreign biz mostly benefits productions with global profiles like 'Mamma Mia!'

With five of the season’s Broadway productions having stumbled on their way into Gotham, people in the legit world have the faltering U.S. economy increasingly on their minds.

Producers report some investors would now rather hold onto their money rather than pony up for a risky Rialto show, and many worry that the usual September downturn in ticket sales will be particularly brutal this year.

But others in the industry respond that the economy is only one factor among several to consider — and even a downturn can have a silver lining.

Word around town blames the recent scuttling of an upcoming revival of "Godspell" (now all but official, with an announcement likely today Aug. 19) on investors who pulled out of the show, which had been due to begin previews Sept. 29.

Last month, producers of a new staging of Ntozake Shange’s 1976 play "For Colored Girls Who Have Considered Suicide When the Rainbow Is Enuf" cited the same reason for that production’s inability to come together in time for its Aug. 19 start date. And the Harry Connick Jr. starrer "Nice Work if You Can Get It" indefinitely postponed a Boston tryout when producers were unable to reach a deal that satisfied all the parties involved.

Those three productions appear to be clear examples of increased investor caution in the current climate. But it also seems likely the economy is just one reason for the sked turbulence in the always-risky legit landscape.

"We all know the fear factor causes people to pull their money," said Charlotte St. Martin, prexy of producers trade association the Broadway League. "But have I heard anything different in the last three months than I heard a year ago? Not really."

Take the brewing revival of "Brigadoon." When producers cancelled its Beantown tryout late last month, they pointed the finger at the lack of availability of a suitable Broadway house.

It’s plausible. Even with the dropouts, the 2008-09 season is shaping up as a busy one unusually crowded with big-budget potential blockbusters including "Billy Elliot," "Shrek the Musical," "9 to 5" and "West Side Story."

Competition from such possible spotlight hogs, not to mention up-and-running biz magnets like "Wicked" and "The Lion King," can also fuel investor hesitance.

"It’s never just one thing," said Kevin McCollum, producer of shows including "In the Heights," "Rent" and "[title of show]," as well as the upcoming revival of "West Side Story." "It’s a real dynamic."

At the box office, the summer’s robust ticket sales haven’t seemed to soften much in the shadow of economic concerns. (The slight dip in last week’s box office cume is par for the course in late summer, and the frame’s tally remains higher than receipts from the same sesh last year.)

Season tallies are no doubt helped by increased business from foreign tourists — the upside to a U.S. downturn. A weakening dollar encourages international travelers to spend their increasingly valuable currency here in the States, and any shopping trip to Gotham likely includes a Broadway show.

Such foreign biz mainly benefits big-name productions with high global profiles, such as "Wicked," "The Lion King," "Chicago," "The Phantom of the Opera" (the 20-year-old musical that played to nearly full capacity last week) and the movie-boosted "Mamma Mia!"

Musicals with less of an international foothold won’t attract those foreign auds, nor will most plays. And while summer ticket sales remain robust, many legiters polled worried the back-to-school dropoff that traditionally hits Broadway after Labor Day could prove especially dire as ticket buyers stay away.

Of course, legit bizzers are quick to point out that the recent spate of plug-pulling can be attributed not just to economic clouds but also to concerns specific to each individual project, including possible doubt over whether a given property has what it takes to find an aud.

And if the wells of some legit investors are drying up, the small crowd of ultra-wealthy backers who provide a large portion of Broadway investment coin seems likely to remain undiminished.

As one insider noted, "There will always be rich people who love theater."