Name given to the commercial theatre industry
in New York City
There are 39 designated theaters that make up Broadway. Each seats at least 500 people.
Broadway is one of the many attractions that draws people to New York. As an economic engine, Broadway contributes US $2.7 billion a year to the local economy, according to one estimate. Here's how that number breaks down (1996-97 figures):
Direct expenditures by Broadway companies: US $485 million
Capital improvements: US $72 million
Spending by visitors: US $971 million
(This makes the spending by tourists who come into New York to see a Broadway show the largest part of the engine).
Those of you keeping track of the math see that this only adds up to US $1,528,000,000. However, like many economic development models, this one includes a multiplier effect as the money from these expenditures is re-spent within the local economy.
By 1999, Broadway was contributing US $2.9 billion, and in the 2000-2001 season, a whopping US $4.4 billion.
Source: The League of American Theatres and Producers.