Industry Pro Regional Confidence Survey Results

In the final months of 2020, BroadwayWorld Industry Pro deployed a survey to regional theatres across the country to take the temperature of where these theatres were at fiscally, in regards to their programming, and to learn more about ways that BroadwayWorld can work more efficiently in support of these institutions. While we are utilizing that data to formulate new and exciting content for Industry Pro, here are three top-line takeaways from these surveys.

Budget Cuts Are Widespread, and Deep

In any given year, a 10-25% cut to the budget would feel like a very deep cut - but as we start the process of emerging from the pandemic, our survey data indicates that if that is all your institution has had to cut from the budget, then you are in a fairly enviable position. While these cuts are going to hurt, what they mean is that during 2021 and heading into 2022 finding the most efficient ways to deploy funds is going to be even more important across all budget lines. This will not be easy, as I know from my own experience running a small professional theatre - most institutions were already trying to be as efficient with their dollars as possible.

However, being efficient with those dollars should not be understood to mean finding the lowest cost option. With news of Facebook's targeting being more hype than actually deliverable, it will be vital to not rely on social media interest targeting, but to go to the places where your audiences are actively engaging with content and utilize those marketing tools to efficiently and effectively reach them.

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Most Companies Aiming for Q3 to Get Back on Stage

While many companies have been utilizing various tools and platforms to bring incredible live-stream and on-demand performances (like those available on BroadwayWorld Events), we wanted to know when companies were thinking that they would be able to get back on stage with an audience again. While the "already begun" number may seem larger than expected to some, many of those responses came with a note indicating that these were outdoor performances or extremely socially distanced audiences with a myriad of safety precautions in place.

We should also note that the vaccine news came out during the period that this survey was being deployed, and we can't be sure how that impacted some of the thinking for some companies - it seems entirely possible that some of the Unknown might have become Q3 or Q4 with the news of the vaccine.

More Confidence for Individual Companies than for Other Organizations

What was most interesting to me was that survey respondents were more confident about the state of their own company than they were about other companies in their region. This is a particularly strong indicator that things might not be as bad as we perceive them to be when we look across the industry.

Don't get me wrong, this is a difficult time for many people and institutions across the industry. But if confidence is higher from individual companies - the people that have knowledge of their companies fiscal situation - than we can take that as a sign that though things are shaky, many companies have been able to weather this period of uncertainty.

As we continue to deploy surveys of both audiences and institutions, we'll keep updates coming about the trends we're seeing as 2021 unfolds. Later this month, you can also join us for an Industry Pro Webinar about all of the site updates, programs, and offerings that BroadwayWorld developed during 2020 and are planning for 2021. Interested? Register here.

Industry Pro Webinar: An Update from BroadwayWorld

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This month, we'll reflect back on 2020 and look ahead to 2021 by exploring the trends in data gathered from surveys deployed by BroadwayWorld to theatres and audiences, how we're reading (and the trends we're seeing) in industry news, and we'll be joined by BroadwayWorld Editor-in-Chief Robert Diamond to discuss all of the new features, programs, and opportunities that BroadwayWorld has launched over the last year - and how those can be utilized to supercharge your marketing.

Join us on January 27th at 3pm Eastern for a look at the state of the industry from the perspective of companies, audiences, and the media! Sign up here!