Ankit Agrawal Ankit Agrawal

Capacity counts bodies. Recoupment counts dollars

Unpacked 07. A complimentary ticket raises capacity and lowers the average, and the public table has counted comps in attendance since 2009. What a seat given away does to the weeks a show needs to recoup, how to spot it on the public table, and five things to ask for.

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Ankit Agrawal Ankit Agrawal

A slate changes the odds, not the average

Unpacked 06. One show or a slate: what spreading money across productions changes, what it can’t, and what a fund layer costs. Ten illustrative shows at the published recoupment rates, and the questions to ask before anyone spreads your money for you.

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Ankit Agrawal Ankit Agrawal

Investors pay first. They get paid last.

Unpacked 05. A Broadway show settles up every week in a line, and the paperwork decides who stands where: the theatre, the payroll, the fees, the royalty pool, then the investors. What the pool changed, what the fees cost, and what to ask for before you sign.

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Ankit Agrawal Ankit Agrawal

The landlord never loses. Except ten weeks a year.

Unpacked 04. There are 41 Broadway houses by law, and the one that has published its numbers earned $6.8 million a house. What a theater earns, what it costs to own, who carries the risk, and four deals that would share it, tested on the model.

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Ankit Agrawal Ankit Agrawal

Nobody pays the average ticket. The margin is in the spread.

Unpacked 03. Nobody pays the average ticket: a show sells some seats well above it and some well below, and the margin that repays investors lives in that spread. What a premium seat, a rush seat and a discount code each do to the money that reaches them, on one hypothetical musical, with the questions to ask about the price ladder.

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Ankit Agrawal Ankit Agrawal

A 13% price cut can take 86% off a show’s weekly profit

Unpacked 01. The trades report what a show grossed; investors are paid from what’s left, and most of the costs in between don’t move. This week’s price cut, run through an illustrative $20M musical, and the four numbers to track instead of gross.

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