Theater: Broadway gives back to NYC
Broadway isn’t just a fun time for rich people and theater geeks. It’s a hugely profitable industry that benefits the city as a whole.
In 2012-2013, per a report released last week by The Broadway League, Broadway contributed nearly $12 billion dollars to New York City. Broadway also supports 87,000 employees and generates $500 million in taxes from costs like show expenses, capital expenses and tourism dollars.
It’s interesting to note that although productions themselves spent less money this year than the year prior, an influx of international tourists and the money they spent while attending a show managed to keep the total economic input at 2 percent higher than last year, while 97 percent of the about $11.9 billion came from “new” money.
“When visitors who do not live in New York City come to see a show, they bring money to the area to spend in local restaurants, hotels, stores, taxis and non-Broadway industries and that money is re-spent multiple times,” said The Broadway League, characterizing “new” money for the purposes of its report.
Check out where all of that money is coming from by watching the 68th annual Tony Awards this Sunday. The ceremony takes place at Radio City Music Hall and is aired on CBS starting at 8 p.m.