The Town with Matthew Belloni: Clooney’s Big Broadway Bet, and How to Make Real Money in Theater
Release Date: June 4, 2025
Introduction
In this episode of The Town with Matthew Belloni, host Matt Belloni dives deep into the economics of Broadway, sparked by George Clooney’s record-breaking play, Good Night and Good Luck. Joined by renowned Broadway producer John Johnson, Belloni explores what it takes to achieve financial success in today’s theater landscape and the evolving dynamics of Broadway productions.
George Clooney’s Broadway Success
Matt Belloni opens the discussion by highlighting the unprecedented success of Good Night and Good Luck, noting it as the highest-grossing play on a per-week basis ever. He remarks, “I actually saw this play when I was in New York last month and now it's become the highest grossing play of all time on a per week basis” (04:00). The play’s $300 face value tickets contribute significantly to its financial triumph, setting a new benchmark for Broadway productions.
Economic Realities of Broadway
John Johnson, a nine-time Tony-winning producer, provides an insider’s perspective on the financial intricacies of Broadway. He explains, “There are 41 Broadway theaters and every single show that is in the majority of them... trying to sell enough tickets to cover their weekly expenses and have enough profit above that to start paying back the upfront money” (11:11). Johnson outlines the typical costs:
- Musicals: $15 to $25+ million upfront with weekly running costs between $750,000 to over a million dollars.
- Plays: $4 to $9 million upfront with weekly running costs ranging from $450,000 to $1 million.
Recouping Investments
Belloni inquires about the timeframe for recouping production costs. Johnson responds, “The industry standard is 52 weeks. So you try to build a basic model of saying you'll be able to recoup in one year of running” (11:35). However, he notes challenges post-pandemic, especially for musicals, due to increased expenses both upfront and weekly.
The Hit-and-Miss Nature of Broadway
Discussing the high failure rate, Johnson states, “In the modern economy, anywhere from 75 to 90%” of shows lose money (13:29). He emphasizes the importance of blockbuster hits like Wicked, Hamilton, and The Lion King, which consistently generate substantial revenue and support the financial ecosystem of Broadway.
Star Power and Its Impact
The conversation highlights the significant role that star power plays in a show’s success. Johnson notes, “Shows that have George Clooney or Denzel Washington or Kieran Culkin in them are going to do well” (14:10). However, he also acknowledges that non-star-driven productions can succeed, citing examples like Stereophonic and Omari.
Filmed Plays and Their Influence
Belloni raises concerns about whether filming plays might cannibalize live performances. Johnson counters, “I think it only creates more interest for the show because there are people that are going to come here and make sure that they can sit in a seat and watch George Clooney live” (07:21). He draws parallels to how filmed concerts by artists like Beyoncé and Taylor Swift have not hindered their live performances but rather enhanced overall interest.
Tony Awards and Visibility
Johnson discusses the impact of the Tony Awards on a show’s success. He explains, “Because of their three and a half minute number, they could easily have a 300 to $600,000 Sunday at the box office and could catapult them through the rest of the summer and beyond” (24:41). The exposure from the Tonys can significantly boost ticket sales, though the landscape has shifted with the rise of social media and digital word-of-mouth.
Future of Broadway and Adaptations
The episode touches on potential future hits and adaptations, including the anticipation around Netflix’s involvement in Broadway-style productions like the Stranger Things musical. Johnson expresses optimism about media partnerships, stating, “They could easily see every version of Beyonce's concert that she's doing right now all over YouTube” (07:27), suggesting that multimedia synergy will continue to shape Broadway’s evolution.
Sustainability of Star-Driven Shows
Addressing concerns about the sustainability of relying on big stars, Johnson remarks, “It's cyclical... it's always been here... It's like every year there are stars that show up” (27:06). He believes that while an arms race for star power exists, the intrinsic appeal of live theater and strategic production can maintain Broadway’s allure.
Concluding Insights
Matt Belloni and John Johnson conclude with reflections on the future of Broadway. Johnson emphasizes the importance of strategic planning and adaptability in ensuring the financial success of productions. Belloni highlights the delicate balance between star power, critical acclaim, and innovative marketing in driving Broadway’s continued prosperity.
Notable Quotes
- Matt Belloni (04:00): “It’s amazing how much money one of these mega smashes can throw off for decades.”
- John Johnson (11:11): “There are 41 Broadway theaters... trying to sell enough tickets to cover their weekly expenses.”
- John Johnson (07:21): “I think it only creates more interest for the show because there are people that are going to come here and make sure that they can sit in a seat and watch George Clooney live.”
- John Johnson (24:41): “...could easily have a 300 to $600,000 Sunday at the box office and could catapult them through the rest of the summer and beyond.”
- John Johnson (27:06): “It's cyclical... It's like every year there are stars that show up.”
This episode offers a comprehensive look into the financial mechanics of Broadway, the pivotal role of star power, and the strategies behind producing hit theater shows in a post-pandemic world. Whether you're a theater enthusiast or curious about the business side of Broadway, Belloni and Johnson provide valuable insights into making real money in theater.