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The Broadway League released the 2008-2009 Broadway's Economic Contribution to New York City report, the seventh biennial report in this series. The report measures the full economic impact of spending by Broadway production companies, theatre operators and those visitors drawn to NYC by Broadway. As the official source for statistical information about Broadway theatre productions in the United States, The Broadway League's report demonstrates that Broadway not only offers entertainment, art and culture, but that it is an industry whose financial contributions nourish the economy of its city and state.
The new report states that during the 2008-2009 season, Broadway as an industry contributed $9.8 billion to the economy of New York City. This amount was comprised of direct spending in three areas: spending by producers to mount and run shows; spending by theatre owners to maintain and renovate venues; and ancillary purchases by non NYC residents who said that Broadway was an important reason in their coming to New York City (“Broadway Tourists”). The money that was directly spent in these areas was then re-spent in multiple subsequent rounds, until the original sums left New York City. The subsequent rounds make the original spending exponentially more valuable. In total, the full contribution of Broadway Tourists amounted to $7.7 billion; shows contributed $2 billion; and theatres $51 million, for a total of $9.8 billion. Broadway supports 84,400 jobs and generates $477.7 million in NYC taxes.
Charlotte St. Martin, Executive Director of The Broadway League, said, “The new economic impact information for the 2008-2009 season about the contributions of Broadway to New York City reminds us of how important Broadway is to tourism. We have a strong partner in NYC & Company, the official marketing and tourism organization of New York - the world's greatest stage - and our collective efforts to keep tourism strong complement each other." She continues, "With over 82% of Broadway's tickets purchased by theatergoers coming from outside New York City, it is especially meaningful to our city that during times of economic crisis, Broadway continues to deliver."
|
Broadway Spending |
Direct Spending |
Total Impact |
|
Spending by Broadway Tourists (Ancillary spending by tourists who came to the city citing Broadway as a very important reason) |
$5,192.2 |
$7,700.1 |
|
Show Expenses (Cost to produce and run the show) |
$949.2 |
$2,048.5 |
|
Theatre Expenses (Cost to run venues) |
$34.6 |
$51.4 |
|
TOTAL |
$6,175.9 |
$9,800.1 |
For a hard copy of the report, please contact Erica Ryan at Eryan@Broadway.org .
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