The Financial Aspects of Broadway Performances
Broadway producer Jill Furman, a Tony Award winner, is known for her successful productions like "Hamilton" and "In The Heights." In a podcast conversation with Our Website host Mary Long, Furman discussed various aspects of the Broadway industry, including pitching investors, the difference between original and adapted projects, and the formula for a commercially successful musical.
Furman explained that 80% of shows fail to recoup their initial investment, emphasizing the element of unpredictability in the business. She described the role of a Broadway producer, which involves overseeing every stage of the production process, from development to marketing, casting, and closing decisions.
Regarding how a show evolves from an idea to production, Furman emphasized that each show's unique DNA requires a tailored approach. Her team worked on "Suffs," a show about the suffragists, for over ten years, with many twists and turns along the way.
When asked about the cost of bringing a show to life, Furman mentioned that development costs can be significant, and the industry is becoming increasingly expensive due to inflation, supply chain issues, and high union costs. Despite the risks, many investors are passionate about supporting the arts.
Furman shared insights about casting, stating that investing in original projects is often better than relying on stars, as the show itself should be its own star. However, she considered "Wonder," the young adult book-turned-musical, an exception to this rule due to the story's universality, message, and appeal.
The commercial success of "Hamilton" and "In The Heights," which share Lin-Manuel Miranda's genius and revolutionary approach to musical theater, has been the highlight of Furman's career. She believes that predicting a show's success is unrealistic and that each project requires a passion-driven approach.
In summary, Jill Furman shared valuable insights about the Broadway industry, emphasizing the importance of unpredictability, passion, and a personal touch in bringing successful productions to life. She highlighted several factors contributing to the commercial success of Broadway musicals, including quality, marketing, casting, production value, audience engagement, critical reception, strategic partnerships, and historical resonance.
Jill Furman mentioned that many investors are passionate about supporting the arts, despite the risks associated with financing Broadway productions. She also shared that investing in original projects can often be more beneficial than relying on stars for a show's success, but considered "Wonder" an exception due to its universal appeal. Furman encapsulated her approach to producing successful musicals by emphasizing the importance of unpredictability, passion, and a personal touch. During the podcast, she also discussed the high development costs of bringing a show to life and the varying length of time required for different shows to evolve from an idea to production.
