Economics in Theater
Our school’s performances of Legally Blonde are this weekend, and with opening night vastly approaching, it has become evident how vital economics is to a performance. For example, when picking a date for the show, one must consider what other events are happening that same weekend. If the highly anticipated Pewaukee vs Whitnall Boys Basketball game is scheduled for the weekend of January 28th, then it is obviously a bad idea to schedule a performance for that same weekend, because the opportunity cost of attending the musical would be missing out on the most anticipated game of the season. Therefore, since planning a performance on the same evening as a game would lower the demand of ticket sales for that night significantly, and therefore the total revenue of the show would decrease, it would be a poor idea to follow through with that plan.
This year, with the financial support of Pewaukee FOFA (Friends of the Fine Arts), we were able to rent “drops” for the musical. “Drops” are essentially giant curtains that are painted or printed, and used as backgrounds. For the show, we ordered three drops: a pink Delta Nu Sorority House, a Harvard University Entrance Gate, and a stain glass window Hair Salon. Each of these drops is expensive, even to rent, but they will significantly benefit the show and are much more attractive and visual to the audience than regular set pieces. The opportunity cost of purchasing these drops, is that we had to raise our ticket prices slightly, in order to ensure that we were breaking even on our expenses and making a profit. However, the opportunity cost for raising the ticket prices is that some people might decide that they don’t want to spend the extra money, and may decide not to purchase tickets to the show.
This year, with the financial support of Pewaukee FOFA (Friends of the Fine Arts), we were able to rent “drops” for the musical. “Drops” are essentially giant curtains that are painted or printed, and used as backgrounds. For the show, we ordered three drops: a pink Delta Nu Sorority House, a Harvard University Entrance Gate, and a stain glass window Hair Salon. Each of these drops is expensive, even to rent, but they will significantly benefit the show and are much more attractive and visual to the audience than regular set pieces. The opportunity cost of purchasing these drops, is that we had to raise our ticket prices slightly, in order to ensure that we were breaking even on our expenses and making a profit. However, the opportunity cost for raising the ticket prices is that some people might decide that they don’t want to spend the extra money, and may decide not to purchase tickets to the show. In the past 5 years, ticket prices for the musical have risen, and people are beginning to notice. Since they can be pricey, one might argue that if you have a son or daughter in the show, you should receive a discount on tickets. For example, my parents will both be attending all three shows, and since tickets are priced at $15 for adults, they will be spending $90 on just their tickets alone, for all three nights. Fifteen dollars is definitely on the higher side of High School musical tickets, seeing that most schools decide not to exceed $10 tickets. However, since the Arts Program at Pewaukee is continuing to prosper and become more and more advanced, the ticket prices must stand firm in order to build up a revenue that will be able to support the future finances and purchases of the department. Similarly, teenagers do not regularly have access to large amounts of money, so usually they have be considerate of how much money they are spending and where they are spending it, so that they don’t run out. Teenagers are largely attracted to large portions and cheap things. For example, many teenage boys will go to McDonalds and order off the dollar menu, in attempt to purchase lots of food for not a lot of money. When being compared to an item of the dollar menu, $10 musical tickets may seem expensive, and therefore teenage boys might decide to spend their money elsewhere. However, if the tickets were $5, then the boys would likely be more inclined to purchase tickets for the show, because they feel that the opportunity cost of attending the show is only worth five $1 hamburgers, rather than ten.
Also, one must consider that even though a large portion of the show is designed to entertain, we must also focus on making a profit, in order to fund future musical endeavors and other various activities related to the arts. Overall, economics are everywhere, and when considering a date, purchasing items for the show, and determining ticket prices, all of these economical aspects must be considered.
0 Response to "Economics in Theater"
Post a Comment