Cody Lassen & Associates

Most producers ask the wrong first question. "How much will this cost to make?" isn't the right starting point. "What will the market support?" is. Gato Scatena's piece on budgeting backwards is one of the clearest articulations of a principle we apply on every project: the budget doesn't tell you what a show costs. It tells you whether the show makes financial sense. Before we lock a budget for a theatre or film project, we're asking: What's the recoupment potential at this scale? What's the investor appetite for this type of project? What cast and creative package actually moves tickets and closes the deal? The answers shape the budget, not the other way around. Too often we see projects build their budget from the script out, then go looking for investors to fund what they've already decided. The projects that succeed financially build from the market in. Worth a read if you're thinking seriously about producing or investing in theatre. Hat tip to Gato Scatena at SNR Films for articulating this so clearly. https://lnkd.in/gHniTXU3

Theater is a relationship business, but the 2026 AudienceView Ticket Buyer Report confirms it’s also data-driven. For those viewing production through a strategic lens, these three takeaways are essential: • Buying is a Loyalty Decision: Friction during purchase doesn’t just kill a sale; it erodes patron trust. To protect returns, we must view the checkout process as the foundation of a long-term relationship. • The Decline of Venue Loyalty: Patrons follow the show and the experience, not the venue. Our brand touchpoints need to be more meaningful and consistent across the board to maintain engagement. • Communication Hygiene: The market is rejecting intrusive noise. The most successful productions respect the audience's inbox, prioritizing quality over frequency to build lasting value. Data-driven insights like these are exactly how we protect our downside and drive growth in today’s theater landscape. Read the full report at https://lnkd.in/gYT7i6DN

We have a phrase framed on our office wall: "The show comes first." In this business, honoring that truth sometimes means making big, bold changes to ensure a production reaches its highest potential. I'm thrilled to share that we are continuing our journey with the new musical 'Someday Soon' (formerly known as Rutka) with an incredible new creative team, led by the brilliant Marcia Milgrom Dodge directing. We can't wait to announce our out-of-town tryout venue, dates, and the rest of the team very soon. Read more about this next chapter at Broadway News: https://lnkd.in/gp3rqtnf

Pro Tip: If you’re pitching a project, your email is your first audition. I see a lot of pitch decks and reading invitations land in my inbox. About 40% of them are generic mass emails. Even worse? Some use the CC instead of BCC. Here’s why that’s a red flag: - Privacy: CCing shares my email with strangers. - Strategy: It shows you’ve leaked your entire investor list to everyone on it. - Effort: If you didn't take a few seconds to personalize the greeting, why should I take time to review your materials and respond? There are plenty of free mail merge tools out there. Use them. But the real secret to a successful pitch? The "Why me?" sentence. Add one line that explains the connective thread. Why are you emailing me specifically? - Do we share a common collaborator? - Have I produced something with a similar subject matter? - Is there a specific strategic fit beyond just "I need money"? Producing is about partnership, not just capital. Show that you’ve done your homework, and you'll be much more likely to get a response. What’s the best (or worst) pitch email you’ve ever seen? #Broadway #Theatre #Investment #Pitching #Producing

Broadway grosses are up 12.5% in just one week. So what's driving it? Broadway brought in $34.86 million this week, up nearly $3.9 million from last week. Attendance also climbed 6.9% to 273,061, while average paid admission increased to $127.68. Overall capacity held steady at 87.0% across 30 productions. At first glance, you might assume this is simply the result of summer tourism. But there's another factor hiding in the data: Three shows accounted for almost 30% of Broadway's week-over-week revenue growth. The Lion King: +$523,507 (helped by a nine-performance week) Cats: The Jellicle Ball: +$365,460 Harry Potter and the Cursed Child: +$325,110 Together, those three productions generated over $1.2 million of the industry's $3.88 million weekly increase. A few other observations: • Death of a Salesman crossed the $2.2 million mark despite a planned seven-performance week and averaged an impressive $212.79 paid admission. • Hamilton and MJ both exceeded 100% capacity once again, while Ragtime sold every available seat for the week. • The Rocky Horror Show was one of the few notable decliners, dropping more than $227,000 week over week. By the Numbers Top 5 RevPAS Hamilton — $220.99 Death of a Salesman — $216.98 Ragtime — $192.95 MJ — $174.23 The Lion King — $159.12 Bottom 5 RevPAS Every Brilliant Thing — $65.79 Two Strangers (Carry a Cake Across New York) — $72.60 Six — $75.64 Buena Vista Social Club — $87.49 Titaníque — $73.66 (RevPAS = Gross ÷ Available Seats. It's one of my favorite ways to compare how efficiently productions are monetizing their inventory, regardless of theatre size.) The next few weeks should be especially interesting. Summer tourism is typically near its peak, but we'll soon begin to see which shows are building durable pricing power heading into the fall—and which are benefiting primarily from seasonal demand.

If I have to Google the address, I might skipping the reading. When inviting producers, investors, and theaters to a reading, your primary job is the removal of obstacles. Every bit of friction: location, timing, or cost, is a reason to say "no" before a single line is spoken. Why I advise against cabaret venues for industry presentations: 1. Etiquette: You are presenting an investment opportunity. Asking someone to purchase a ticket is a bad look (and a comp ticket usually comes with a drink minimum.) You wouldn't ask a bank to pay to see your business plan. 2. Professional Boundaries: We work during business hours. Tuesdays or Thursdays at 11 am and 3 pm are the tradition. Scheduling for evenings or weekends asks the industry to work on their personal time. Would you ask your accountant to work on your taxes on a Saturday night? 3. The Broadway Box: I know the walk to Ripley or Pearl by heart and exactly when I need to leave the office to get there. If I need an Uber or Google Maps, it’s an obstacle. Stay within the neighborhood and the venues the industry knows best. We all get invited to way more readings and presentations than we could ever attend - the less friction, the more likely you'll get people there (although you'll only ever get a fraction of the people you want in the room to actually go to the room - always get a high quality archival to share after.) If you want the industry to show up, make it as easy as possible for them to say yes. What’s your go-to venue for an efficient industry presentation? Let’s talk logistics in the comments.

Broadway isn’t just a passion project: it’s a business that calls for rigorous due diligence like any other business. I’ve been diving into The Co-Producer Questionnaire by Jared Harbour and Joe Hetterly. It’s a masterclass in asking the hard questions before the money moves. If you're an investor or co-producer, this framework is essential. Three takeaways that shifted my perspective: 1. Articulate the Why: If you can’t explain why a show is artistically necessary in one sentence, you aren't offering a unique opportunity: you're just passing along a high-risk financial instrument. 2. Real Break-Even Math: Weekly running costs don't tell the whole story. Between royalties and theater expenses, a $750k fixed cost can easily require $1M+ to break even. Know the delta. 3. Act like a Fiduciary: Legally, co-producers are passive. Ethically, you are a conduit. Don't be a toll booth; be the person who translates the complex data for your investors. Check out the full toolkit at didyoureadtheoa.com. What other due diligence questions are you asking before you sign on the dotted line?

New York City is undeniably the theatre capital of the world, yet for years, I’ve felt there was a glaring gap in our cultural calendar. While cities like Edinburgh host massive, industry-defining fringe festivals that serve as breeding grounds for the next generation of hits, NYC hasn’t had a centralized equivalent on that same scale for some time. I’m thrilled to see that someone finally stepped up to change that! Max Beer and Mitch Marois have taken the initiative to launch the Matchbook Festival right here in the city. It’s exactly the kind of bold, creative movement our community needs: a platform for new voices and experimental work to find their audience in the heart of the theater district. @maxb At Cody Lassen & Associates, we’re all about data-driven success and long-term recoupment, but we know that none of those numbers exist without the initial spark of creative leadership. Seeing a former member of our team (Max used to work with us!) build something this substantial is amazing. They saw a need and built the solution. The NYC theatre scene is at its best when it's innovating. Whether you’re an investor looking for the next breakout project or a fan of cutting-edge performance, I highly recommend checking out the inaugural lineup. Find tickets and the full schedule here: https://lnkd.in/gP6pvnaX Bravo, to Mitch & Max - can’t wait to see Matchbook ignite. #NYCTheatre #MatchbookFestival #TheatreInvestment #Broadway #NewWork #CreativeLeadership

Thrilled to partner with Scatena & Rosner films and Media Luna New Films (along with Co-Producers Neil Gooding Productions and Second Set Productions) to bring Alex Wyse's Actual Nobodies to the world early next year! https://lnkd.in/gAmaDD2m

Broadway Grosses: Summer Heat, Softer Sales Broadway grosses slipped to $30.99 million last week, down 5.8% from the previous week, while attendance fell 6.2% to 255,560. Capacity eased to 87.0%, and the average paid admission actually ticked up slightly to $121.26. The biggest story this week isn't at the top of the grosses chart—it's the growing separation between attendance and pricing. Even with average ticket prices holding remarkably steady, audiences softened across much of the industry. That's often what we see in the heart of summer: producers are generally maintaining pricing discipline rather than chasing attendance with widespread discounting. A few standouts: • Death of a Salesman once again led Broadway in RevPAS, generating approximately $200 per available seat while playing at 101.3% capacity—an extraordinary result for a straight play. • Hamilton remained Broadway's highest-grossing musical at $2.21 million, while The Lion King, MJ, Harry Potter and the Cursed Child, and Ragtime all continued to post exceptionally strong numbers. • Cats: The Jellicle Ball was one of the week's biggest movers. Despite cancelling one performance, it increased its gross by more than $57,000, boosted attendance, and played to 97.2% capacity over seven performances. • At the other end of the spectrum, Six (60.3% capacity), Chicago (66.5%), Two Strangers (63.7%), and Every Brilliant Thing (76.7%, with one cancelled performance) continue to face some headwinds. By the Numbers Top 5 RevPAS (Gross ÷ Available Seats) Death of a Salesman — $200.33 Hamilton — $208.24 Ragtime — $180.60 MJ — $162.40 The Lion King — $140.42 Lowest 5 RevPAS Every Brilliant Thing — $52.33 Six — $59.71 Two Strangers — $58.62 Chicago — $67.28 & Juliet — $79.08 Overall Broadway RevPAS: $105.96 (down from $111.37 last week) One trend I'll continue watching: we're now several weeks into the summer season, and while blockbuster titles remain exceptionally resilient, the middle tier is beginning to spread out. The strongest shows are continuing to command premium pricing and maintain occupancy, while others are seeing attendance soften without meaningfully lowering ticket prices—a sign that many producers are prioritizing long-term pricing integrity over short-term volume.