New York, NY (Top40 Charts) Andrew
Lloyd Webber has branded theatre on Broadway as a "vanity project". Speaking at the Global Investment Summit at Hampton Court Palace yesterday (27 November), the composer called on investors to "think of Britain first" when putting money into theatre.
According to TheStage,
Lloyd Webber stated: "A statistic I got last week for London is that for every pound that it generates in the theatre, it generates £1.40 in the local economy. Theatre is, in my view, in the UK, an incredibly exciting and good investment.
Broadway is now almost a vanity project and the only shows that can survive on Broadway are shows like The Lion King or Hamilton, which are so huge that they can more than break even.
To put a musical on Broadway now would cost roughly $20 million."
Lloyd Webber continued: "I passionately ask for two things: that theatre is supported by government a little more than perhaps it is at the moment, and I passionately ask you, if you are thinking of investing, to think of Britain first and think of our theatre."
Claire Walker, co-CEO of SOLT & UK Theatre said: "It is great to see our valued member
Andrew Lloyd Webber make such a powerful case for investment in our industry. Theatre audiences boost local economies up and down the country when visiting a performance. For every £1 spent on a theatre ticket, an additional spend of £1.40 is generated in local economies, adding up to £1.94bn per annum of extra value added to local economies by theatre audiences."
"SOLT & UK Theatre are calling on the UK Government to invest in productions by maintaining the higher rate of Theatre Tax Relief. It is highly effective at generating growth up and down the country. We estimate, for example, that at least £163 million was invested into theatrical productions in 2021-22 as a result of £38 million of tax relief, a return of over 4 to 1 for the public purse."
