How broadway shows contribute to New York economy Term Paper

How broadway shows contribute to New York economy - Term Paper Example Live musical theatre on Broadway has been a major New York City tourist attraction, since 18th century and it has survived depression, war and major technological changes(Mulder,24). Broadway theatre means a vital New York city industry with box office revenue exceeding millions of dollars in a particular season. During 2000 and 2001, the ticket price of Broadway theatrical shows exceeded the limits and set record prices. The Broadway theatre industry is the single largest tourist attraction in the New York City and nothing could take its place for entertainment. It is evident here that millions of people attend this shows and the collection from these can contribute largely to the economy of the New York City. The main contribution by Broadway to the New York economy directly comes from the expense of the production itself. It has been revealed that the Broadway company’s expense on services, pay roll and running of the shows itself added 1.5 $ Billion to the city’s ec onomy. Moreover the Broadway companies spend millions of dollars on the salaries and other services for the running of the shows. ... Today the population of New York City is more than 8 million, and Broadway entertainment is a key industry which contributes to New York’s economy. It would not be a surprising fact to mention that Broadway theatres are a solace to people in the midst of turmoil and fast life of the city. New Yorkers attend theatre shows and musicals to get away from the stressful life of the city and to indulge in little pleasure. Moreover, the tourist which attends the theatres also spends on hotel stays, dining other activities which add up to the profitability of the city. According to (Healy)â€Å"Preview of the new Broadway revival of â€Å"West Side Story† across New York theaters: drew gross revenues of more than $1 million in each of its first two weeks, this shows that the appetite for plays and musicals is alive and well despite the recession†. Even in recession times the audience and the producers have not given up on theatres which reflect that the contribution to ec onomy is still intact for New York City. It is surprising that no production in Broadway have ceased due to recession or economic downturn. Instead 43 productions got initiated during 2008-2009 seasons even though it was recession times. This was an excellent statistical figure for entertainment sector, especially in the phase of recession. In 2008-2009 seasons, the Broadway industry gave away $9.8 billion to the New York City economy and supported 84,400 jobs. The spending is mainly in three fields: producers spending to run the shows; the theatre owners spending on venue maintenance and renovation; and money spend by non- New York city resident s to attend the Broadway shows. The money that is spending in these areas is circulated with spending on other facilities and finally