Thursday, June 7, 2012

Broadway's Impact on the NYC Economy

Every year, statistics are measured to indicate the economic impact that Broadway has brought to the City of New York and this year's figures are in.  In 2011, Broadway sold roughly $1,139,000,000 (yes, that is over one BILLION dollars) worth of tickets, with 12.33 million people seeing shows.  According to a report by the Broadway League, which measures such things, the 2010-2011 season (the most recent season for which the data have been analyzed, which were just released this week), there's some even better news.  The New York theater industry has contributed $11.2 Billion to the New York City economy in terms of employment of New York theater professionals, taxes paid, costs to mount productions in NYC, tourist revenues related to coming to Broadway, and other ancillary purchases.  To quote the Executive Summary,

"During the 2010-11 season, Broadway as an industry contributed $11.2 billion to the NYC economy.

This amount was comprised of direct spending by producers to mount and run shows, spending by theatre owners to maintain and renovate venues, and ancillary purchases by “Broadway Tourists” (defined as non-NYC residents who said that Broadway was a very important reason in their coming to New York City).

The money that was directly spent in these areas was then re-spent in multiple subsequent rounds.

The full contribution of Broadway tourists amounted to $9.0 billion, shows contributed $2.2 billion, and theatres contributed $22.3 million for a total of $11.2 billion on NYC’s economy.

This represents a 9% increase from the 2008-2009 season (in constant dollars)."

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