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?
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?
Most people assume that opera is expensive: an artform inaccessible to most people.
Compare Rigoletto and The Book of Mormon and you may be surprised.