Following the trend of contemporary concerts where market prices have created high(er) ticket prices, Broadway's "The Producers" will now have a top ticket price of $480, topping its previous high of $100.
When concert promoters, agents and managers realized that scalpers were getting hundreds of dollars for concert tickets and they were not sharing in the extra added on dollars, the $100 and above concert tickets became in vogue. The producers of "The Producers" were seeing their tickets been scalped for hundreds of dollars as well. The New York Times reported a resale of a $100 ticket for $742.50.
Starting sometime in November, 50 premium orchestra (rows 11 and 12) and mezzanine (first three rows) seats at the St. James Theater will have a $480 price. These tickets had previously been allotted for an American Express promotion up to Oct. 1. These new priced tickets are primarily aimed for large corporations, first-class tourists and individuals seeking prime locations, frequently on short notice–the people who generally buy scalped tickets through scalpers.
The 400 tickets a week at the $480 ticket price (of which $80 is a service charge that Broadway Inner Circle will get for handling and marketing these ducats) will increase the potential weekly take of the show by $1.2 million. (New York State passed a law in June that allowed a legal 20 percent service charge on the face value of tickets resold by brokers.)
The producers of "The Producers" plan to donate $150 from each of these tickets sold over the next few months to the Twin Towers Fund, the charity to help the families of the World Trade Center terror attack.
The play currently nets a weekly profit of about $550,000 according to the Times, and it has already recouped about 75 percent of its $10.5 million capitalization after just six months of its opening.