The Broadway Musical Is in Trouble

Musical theater, long the bread-and-butter of Broadway, is struggling.

None of the 18 commercial musicals that opened on Broadway last season has made a profit yet. Some still could, but several have been spectacular flameouts. The new musicals “Tammy Faye,” “Boop!” and “Smash” each cost at least $20 million to bring to the stage, and each was gone less than four months after opening. All three lost their entire investments.

Lavish revivals of much-loved classics are also fizzling. On Sunday, a revival of “Cabaret,” budgeted for up to $26 million and featuring a costly conversion of a Broadway theater into a nightclub-like setting, threw in the towel at a total loss. A $19.5 million revival of “Gypsy” that starred Audra McDonald and earned strong reviews closed last month without recouping its investment. Even a buzzy production of “Sunset Boulevard,” which won this year’s Tony for best musical revival, failed to make back the $15 million it cost to mount.

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