What about people younger than 60? Are they an audience who will return? What do we know about them versus those 60 and older?
Each year on the Telecharge file we see between 1M and 1.2M purchases. The net number of people over 5 years is 2.9M, meaning many people made multiple purchases. The number of purchases made by people 59 and under is between 300,000 and 400,000 a year, with a net of 1.7M over 5 years; those 60 and above accounted for between 220,000 and 250,000 per year, with a net over 5 years of 1.2M. Looking at just the number of people, as people make multiple purchases, there are 900,000 people age 59 and under on the file who have made purchases, and 500,000 age 60 and over. Ticket sales further the storyline: 4.3M tickets sold to those age 59 and below, 2.8M tickets sold to people age 60 and above.
Those who are 60 and above made an average of 2.5 purchases for 5.9 tickets. Their average order 2.35 tickets per order with an average ticket price of $139.
In short each individual buyer 60 and above bought more tickets; however, there are more buyers 59 and under who in the aggregate made more purchases and bought more tickets with an average order size 7% larger than those over 60. The big difference between the two groups is those over 60 spend an average of 7% more per ticket than those 59 and under.
As compared to Broadway overall 59 and under over index in the middle ($175,000 - $249,999);
They under index at the top and bottom, for incomes over $250,000, and, $124,999 and below.
This helps explain the lower ATP.
60 and over index in the categories surrounding the middle, meaning in all income categories $124,999 and below, and above $250,000.
This helps explain the higher ATP (how many of those in lower incomes are retired and on fixed incomes?).
59 and under: 13% live in NYC, 25% in the suburbs and the rest (52%) are from out of town.
60 and over: 10% live in NYC, 27 % live in the suburbs and 53% out of town.
Both age groups have been important to Broadway’s financial health. In the end the number of purchases and tickets, albeit with a lower ATP, add up to more sales. We have seen shows (Beetlejuice anyone?) sell well at moderate prices. Shows cannot survive selling 10,000 tickets a week at less than $80 a ticket, but selling a sufficient number of tickets at a mix of regular prices where the ATP at the end of the week comes in around $100 can go a long way towards keeping a show running. Is that the path to post COVID-19 success?