"Flop" and "hit" are terms that Variety coined decades ago regarding the financial status of shows. While the terms may have since come to have other meanings, they really should only refer to whether a show recouped its investment or not and nothing more.
Hal Prince -- director, producer and winner of 20 Tonys in a 50 year career -- has talked about being responsible for many flops and many hits and many "successes" and many "failures." The latter two terms are artistic ones, not financial ones. For him, there are many "flops" that have been great "successes" to him, that were exactly the shows he wanted to present and the fact that they weren't also commercial hits is acceptable to him.
For those whose main concern is creating good, challenging new work that perhaps pushes the artform forward, the primary concern is not always about box office success. Prince has talked about how no one who's ONLY concern was financial success would have even been involved in projects in like Pacific Overtures or Sweeney Todd -- which both were unsurprisingly flops in their initial Broadway runs. Now, more than ever, the American theatre relies on artists and producers and companies who are less concerned with whether the works they create are financially viable or not, than with surefire commercial hits. And ironically, many of the major hits of the future will probably come from the less obvious places than from the same old ideas derived from the predictable movie and other sources of the recent past.
"What a story........ everything but the bloodhounds snappin' at her rear end." -- Birdie
[http://margochanning.broadwayworld.com/]
"The Devil Be Hittin' Me" -- Whitney