Matt and Jadrian explore the economic power of Broadway's biggest awards: the Tonys. We explain how Tony nominations influence ticket sales and why timing matters for a show's success. They also discuss some of the ways that theatre houses price discriminate to fill as many seats as possible each night. It's a behind-the-scenes look at how Broadway's top prizes shape what audiences see—and what producers prioritize.
In this episode, we discuss:
Why Tony nominations matter for Broadway shows' financial success
The timing effect: why opening closer to the nomination season helps
Differences in value between “Best Musical” and other Tony categories
The personal impact of nominations on theatergoer decisions
And a whole lot more!
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Some show notes:
The Spring semester is winding down at Susquehanna and Virginia Tech. It’s a perfect time to have a cold drink and talk about economics. Jadrian opted to revisit the Pickle Beer from East End Brewing Company in Pittsburgh, but was able to enjoy it served cold (not slushy). Matt went with a classic, the Perpetual IPA from Tröegs.
Matt and Jadrian dove into Broadway's Tony Awards, exploring its economic implications during what's known in theater circles as “Tony month.” Matt shared his personal experience of attending some nominated shows recently, one a major hit (Dead Outlaw) and one a miss (Buena Vista Social Club). This was the setup for our broader conversation about what it means to be nominated for a Tony, especially for “Best Musical,” and how much influence those honors have on show popularity and profitability.
Matt also shared a preview of some of his research, and what he is learning from other research, as he is examining how Tony nominations affect Broadway revenues. There is a 2009 study found nominations boosted weekly earnings by around $16,000—a figure likely higher today. Matt’s work is examining how the timing of a show’s opening can affect its chances of being nominated. Shows that debut closer to the cutoff date in April are more likely to be remembered and nominated, though there's no strong evidence that these are higher-quality productions overall. Matt brought up an example from this season: Once Upon a Mattress closed earlier and received no nominations, despite strong reviews and a big-name lead.
They also cover the structure of the Tony voting process—nominating committee vs. final voters—and how shows subtly campaign for attention through visibility, advertising, and events. Matt also shares some insights from his Broadway ticket sales data set, which he’s analyzing during his sabbatical. Finally, they reflect on how the Tonys affect their own decision-making as theatergoers, often nudging them toward nominated shows due to the built-in signal of quality and prestige.
One added economic angle came up in the context of actor pay. Data from the New York Fed identified performing arts as one of the lowest-paying career paths. While there are clearly non-monetary rewards tied to pursuing a life on stage, it's a reminder of how much passion and sacrifice that goes into making Broadway happen.
This week’s pop culture references:
Matt shared that one of his favorite songs from Dead Outlaw, a new musical he loved, touches on themes of economics and entrepreneurship. The song, Something from Nothin, tells the story of how people built a business around showcasing a dead outlaw—morbid, but a clever reflection on entrepreneurial spirit and repugnant markets.
Jadrian opted out of weighing in on Broadway picks this week—after all, Matt has literally written the book on it. Instead, his pop culture contribution was a strong endorsement: go buy Matt’s book!
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