As the domestic musical market has grown rapidly, there are many tasks to be solved. Currently, the domestic musical market is divided into large theaters with more than 1,200 seats and small and medium-sized theaters centered on Daehak-ro. Last year, 60-70% of performances were in small and medium-sized theaters, but most of the actual ticket sales were from large theaters, showing that the profit generation of small and medium-sized theaters is limited. The production environment is also an issue that needs to be addressed. A total of 830 production companies are registered in the domestic musical market. Last year, the number of performances produced was 2,800, with an average of seven works produced per day. As the overlapping participation of performance staff and actors is inevitable, it is time to think about a reasonable production process.
 
 
“Theaters are open, but the audience is still small”
- Sue Frost, Producer at Junkyard Dog Productions
Theater doors on Broadway have reopened, but it will take some time to return to pre-COVID-19 levels. Broadway ticket sales last season were about $1.6 billion, less than $1.8 billion for the pre-pandemic 2018-19 season.

 

Sue Frost, Producer at “Junkyard Dog Productions,” USA

 

Since the pandemic, following changes have emerged on Broadway. First, there is a decrease in the number of visitors from suburban areas. Suburb an audiences, who have become accustomed to spending their leisure time watching OTT due to COVID-19, are hesitant to visit Broadway. The second is the changed buying pattern. Due to the unstable performances, the reservation rate for performances is plummeting. In addition, Broadway is having difficulty securing audiences due to the perception that Times Square is dangerous, the surge in remote work, and the slow return of international tourists. Moreover, as the cost of producing musicals increases, more and more production companies are having difficulty exceeding the break-even point.
 
The main characteristics of Broadway musicals that emerged after the pandemic are "familiarity" and "expansion of the audience." Contrary to concerns about the success or failure of existing famous works, existing works such as “Hamilton,” “Lion King,” and “Wicked” have gained popularity. In the case of unnamed premieres and new performances, they have struggled to mobilize audiences, having poor results. Meanwhile, due to the success of media and live music, the younger generation, who have become familiar with musical works and songs, have visited Broadway, expanding the main audience. Existing famous works are expected to lead the Broadway market in the future as it is difficult to develop new works.

 
"It's worth looking forward to the emerging production companies’ occupation of the West End"
- Nick Connaughton, Head of Theater of Pleasance Trust Theater
Since the end of the COVID-19 pandemic, the West End box office has stabilized, but sales are changing due to large discounts. Despite the reopening of theaters, many theaters were closed, and consumer prices rose due to the rapidly changing international situation, but ticket prices fell due to inflation.

Nick Connaughton, Head of Theater of “Pleasance Trust Theater“ UK