#1
"Its weekly gross at the Cort has averaged $370,000, according to the Broadway League, a trade association. About 9.5 percent of that, or $35,000 on average, goes to union pension-fund contributions, credit-card processing and other pass-through fees the production doesn’t pocket. Weekly operating expenses, which include actor and musician salaries, and stagehands’ pay, are about $500,000, according to a budget we obtained. Production costs were about $10 million.
Parnes said Bright Star has temporarily reduced expenses, including royalties and rent. He said the production plans to take out a priority loan—which is repaid before money’s distributed to original investors. The lender, he said, will be some of its roughly two dozen producers. Details of how much to borrow aren’t set, he said. As for advertising, don’t expect full-page ads in the Times."
Yikes.
Posted: 5/9/16 at 11:29am
‘BRIGHT STAR’ PRODUCER PLANS PRIORITY LOAN AS FIVE TONY AWARD NOMINATIONS OFFER PRICEY IMPRIMATUR
http://broadwayjournal.com/bright-star-producer-plans-priority-loan-as-five-tony-award-nominations-offer-pricey-lifeline/
TLDR: They've been grossing about 350k per week, and their nut is 500k.
"Its weekly gross at the Cort has averaged $370,000, according to the Broadway League, a trade association. About 9.5 percent of that, or $35,000 on average, goes to union pension-fund contributions, credit-card processing and other pass-through fees the production doesn’t pocket. Weekly operating expenses, which include actor and musician salaries, and stagehands’ pay, are about $500,000, according to a budget we obtained. Production costs were about $10 million.
Parnes said Bright Star has temporarily reduced expenses, including royalties and rent. He said the production plans to take out a priority loan—which is repaid before money’s distributed to original investors. The lender, he said, will be some of its roughly two dozen producers. Details of how much to borrow aren’t set, he said. As for advertising, don’t expect full-page ads in the Times."
Yikes.
Updated On: 5/9/16 at 11:29 AM