As a fan of live entertainment as well as a businessperson, I have long been conflicted by the economics of show business. Take asset utilisation, for example. How can we be surprised at the lack of profitability in an industry where hugely expensive assets like stadiums and theatres lie idle most of the time – in some instances, more than 98% of the time?
At a performance of Wolf Hall recently, I took a few photos of the cast during the curtain call. An usher ran over and shouted “no photographs!”, so I stopped. She then came up to me and said “I need to see you delete the photos all the way back to a photo that is not in this theatre”. As I had a dinner reservation only ten minutes later, I could not be bothered to get into a protracted argument and did what she demanded. I did, however, ask why I needed to delete the photos. She said “because they are the property of the Royal Shakespeare Company”.
Whose movies have made the most money in Hollywood? Tom Hanks? Harrison Ford? Daniel Radcliffe? None of the above. The answer: you would never guess!
As the music festival season gets into full swing, Showbusinessinsights examines the economic impact the festivals have. Music fans travelling to rural locations bring chaos to the local area, but also spend substantial amounts of money. Continue reading
With an evening to spare in central London tonight, I took advantage of a great seat price for Dirty Rotten Scoundrels the musical at the Savoy Theatre. What are the best bang-for-your-buck-seats at the Savoy?
* Read whole article before suing for libel.
Some years ago an anecdote was related to me which really made the crazy economics of showbusiness come alive for me. It’s absurdity is quite beautiful and I thought I’d share it with readers of showbusinessinsights – and add research and detail.
Andrew Lloyd Webber’s next project may launch on Broadway rather than London, despite the generally-accepted view that economics are kinder in London. Why?
Why do airlines use their expensive assets so much more efficiently than entertainment venues? And how do stadiums, arenas, theatres and cinemas compare?