Freakonomics Radio 593. You Can Make a Killing, but Not a Living
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Jun 20, 2024 
Sonia Friedman, a celebrated theatrical producer known for her acclaimed productions, joins John Johnson, co-founder of Wagner Johnson Productions, and Tom Pecinka, an actor in the hit musical 'Stereophonic.' They explore the highs and lows of Broadway's winner-take-most economy, revealing the hidden struggles even among successful stars. The trio discusses the emotional impact of abrupt fame, the intricate financial landscape behind productions, and the challenges of the theater industry in a post-pandemic world, particularly in adapting to shifting audience dynamics.
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A Broadway Actor's Life
- Sarah Pidgeon describes the physically and mentally demanding eight-show-a-week schedule.
- She prioritizes her role in Stereophonic, sacrificing personal time and even laundry for the stage.
Balancing Art and Business
- Sonia Friedman emphasizes the importance of understanding both the artistic and business sides of theater production.
- Rising costs, especially in New York, make creative risk-taking increasingly difficult.
Rising Broadway Costs
- Broadway's costs have risen roughly 30% since the pandemic, significantly impacting production decisions.
- The difference between London and New York production costs is primarily attributed to higher union costs and real estate expenses in New York.