Broadway Generates Nearly $12 Billion for NYC in 2012-13 Season
The Broadway League released the 2012-2013 Broadway's Economic Contribution to New York City report, the ninth biennial report in this series. The report measures the full economic impact of spending by Broadway production companies, theatre operators and those visitors drawn to NYC by Broadway. As the official source for statistical information about Broadway theatre productions in the United States, The Broadway League's report demonstrates that Broadway not only offers entertainment, art and culture, but that it is an industry whose financial contributions nourish the economy of its city and state.
The new report states that during the 2012-2013 season, Broadway as an industry contributed $11.9 billion to the economy of New York City. This amount was comprised of direct spending in three areas: spending by producers to mount and run shows; spending by theatre owners to maintain and renovate venues; and ancillary purchases by "Broadway Tourists" (defined as non NYC residents who said that Broadway was a very important reason in their coming to New York City). The money that was directly spent in these areas was then re-spent in multiple subsequent rounds.
The subsequent rounds make the original spending exponentially more valuable. In total, the full contribution of Broadway Tourists amounted to $9.6 billion; shows contributed $2.2 billion; and theatres $17 million, for a total of $11.9 billion to NYC's economy. Broadway supports 87,000 jobs and generates $500 million in taxes to NYC.
"During the 2012 - 2013 season, Broadway contributed nearly $12 billion to the economy of New York City, a 2% increase from two years ago. It's significant to point out that 97% of the $11.9 billion represents new money to New York City," said Charlotte St. Martin, Executive Director of the Broadway League. "The impact of spending by visitors who came to New York to see a show increased by more than 3%, thanks to the ongoing increase in the number of international Broadway tourists. The visitor impact balanced a decrease in the impact of the spending generated by shows and theatres."