Several weeks ago, we were telling you about the joys of investing in plays and musicals even though statistically few turn an actual profit (click here to read it again!).
Today we wanted to share with you news about another Broadway hit that did just that: made a profit! While the production company hasn’t released actual numbers yet, the investors of Jersey Boys (which closed last Saturday, January 14th) reported earning 22 times their initial investment over the last 12 years.
According to the New York Times:
“Jersey Boys” is in some ways an example of how Broadway shows are financed: The industry is rooted in New York, but many plays and musicals have financial backers who live around the world — theater enthusiasts with an appetite for risk and a taste for show business.
Albeit opening to mixed reviews in 2005, Jersey Boys persevered, won the Tony in 2006 for Best New Musical, and went on to become the 12th longest running play on Broadway to date.
Click here for the full New York Times article on Jersey Boys and their investors.
It could happen to all of us—all we need is a hit!
Philip & Marilyn Langner