Once upon a time, you needed at least $50,000 to invest in a Broadway show.
Now — at least with “Godspell” — you can be a Broadway producer for just $1,000.
Once upon a time too, Broadway backers were men and women who spent all their lives handling money. They were sophisticated enough to know they could take a tax write-off if their show failed.
Now you can be 13 years old.
Adam Riegler (right) in "The Addams Family." (Photo/Joan Marcus for Broadway.com)
According to today’s New York Times — which described the new investment model of “Godspell” — one of the show’s 700 investors is Adam Riegler. The 13-year-old Westporter played young Shrek in “Shrek the Musical,” and Pugsley in “The Addams Family” on Broadway.
At least he’s following the first rule of finance: Invest only in what you know.
Adam just signe contract for movie that starts filming in LA 3 weeks from now. — A fan
Our memories differ a bit. My Dad was a B’way producer, and actually years ago people could invest for $1000. The one or two producers would round up angels to be part of the NUT and the excitement. Human beings were the Producers, not corporations. Of course, Broadway tickets were $9 or $12. I think it’s changed drastically due to increased production costs; the producer list can be quite long and business GROUPS who may know little about theater are involved frequently. APPLAUD this young man and keeping this spirit of engagement alive and well!
THANKS, Melody. It wasn’t my memory — it came directly from Patrick Healy of the NY Times. Here’s the link to the story: http://www.nytimes.com/2012/04/19/theater/for-godspell-on-broadway-crowd-sourced-producers.html?_r=1&adxnnl=1&adxnnlx=1334848327-atb5zBEbWutNvYQUzh1nIA
Yes, you’re both right. As the article points out, many years ago investors could become part of a Broadway show for a modest amount. My late father-in-law, a doctor (again, the type of typical investor back then as noted in the article) was approached about investing in “Fiddler on the Roof.” He rejected it, figuring who would want to see a show about some old Russian Jews. Of course, if he had made a different decision, I might have a home on Beachside Avenue today. (On a related note, I know someone from NYC whose parents invested in “The Fantasticks,” and that investment led to their purchase of a summer home by the beach.) The regulations governing the solicitation of investors subsequently changed so that the lead producers primarily sought out much larger investments from wealthier investors.