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Automatic TRANSCRIPT

Broadway is coming off a record season in terms of attendance and box office receipts with twenty nine shows to choose from right now. Five of those shows though including some big budget disappointments agents are going to close over the next two weekends jeff london explains broadway attendance was up fourteen percent between twenty eighteen twenty nineteen generating one one point eight three billion dollars in ticket sales. It's been a great year for broadway and that's true if you're one of the producers of a blockbuster show but not everyone is i've been invited to the party says jeremy gerard who's been covering broadway as a reporter and critic for over three decades when he tallied up the eleven shows that opened in close this season though shows accounted for something like one hundred and forty million dollars in investment and that's a huge number at a time time when we're seeing these blockbuster shells and more reports of higher and higher box office grosses that tells me that we're in trouble that there's no room for the modest hit more several shows always close right after the tony awards if their box offices soft and they haven't won any any tony's and that happened with three shows this year charlotte saint martin president of the broadway league the organization that represents producers in theater owners. She says every summer shows close. We have a history of summer closings that goes back forever in two thousand fourteen. There was six in two thousand twelve. There was it's eight but this year there are more and what's unusual is that instead of hanging onto labor day to cash in on tourist dollars. Five musicals are closing in the next two weekends king kong which bumped up the losses significantly because it cost a staggering thirty six point five million dollars the prom tom pretty woman the share show and be more chill. Jerry gehring is a lead producer of that show. Who's cast album enjoyed more than two hundred million streams before a sold out run off broadway last summer but it never found real traction on broadway. It was a lot of factors like a lot of shows. We didn't get the tony love. We didn't get a straight across. Critical response. Broadway is incredibly expensive and you have to fill a lot of seats to to stem the losses. The producers decided to close in mid august because a lot of its target audience teams. Go back to school now before labor day gearing. Thanks says there are hoping to make back some of the nine million dollars they lost with a tour and licensing the broadway league's charlotte saint martin points out that most shows lose money four out of five shows don't recoup some don't lose all but don't recoup and yes. A lot of people lost a lot of money. There's no question that shows cost more in if they don't recoup. There's more money being lost but why so many this summer new york times critic ben brantley has a theory theory. All the shows were talking about the musicals at least including the unfortunate king kong. Just aren't that good so perhaps we're talking about discernment for wants what's journalist jeremy gerard has another theory. There are five shows lined up for every fever that becomes available and it's a seller's market. It's a market for vertu landlords and they want the big hits in there so i believe that they're putting a lot of pressure on producers of shows that are under performing to cut bait as is quickly as possible to get potential new hit him for example after kinky boots closed this spring moulin rouge moved right into the same theater and it's a smash hit for n._p._r. News i'm jeff london in new york.